Nokia announced that it has finally finished the acquisition of the Franco-American company Alcatel-Lucent, that started 19 months ago. Nokia is now the sole owner of Alcatel-Lucent stocks, and the company is ready to seize ‘global networking opportunities’. In short, this means Nokia can significantly simplify the combined company’s corporate structures, which mean cutting overlapping jobs and merging administrative departments.
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Rajeev Suri, CEO of Nokia, stated: “This acquisition was smoother than many observers thought possible, and I would like to thank all our employees and partners who made it happen.”
This speed was evident only 9 months after the deal was announced, with Nokia and Alcatel-Lucent working as a combined company and, shortly after that, Nokia offering customers its improved product portfolio in a fraction of the time taken in previous integrations. The company has accelerated synergy plans for the deal, and expects EUR 1.2 billion in annual cost savings to be achieved in full-year 2018.
Nokia also bragged about acquiring Withings, Gainspeed, returning back to mobile with HMD, and expanding intellectual property cross-licensing agreement with Samsung.
Nokia will share more on its future plans at its Capital Markets Day in Barcelona on November 15, 2016.