US Department of Justice backs Nokia takeover of Alcatel-Lucent

Proposed Nokia Networks and Alcatel-Lucent combination continues to make progress with antitrust regulatory approval processes in various countries

US Department of Justice backs Nokia takeover of Alcatel-Lucent

The US Department of Justice has given a boost to the proposed takeover of Alcatel-Lucent by Nokia Networks by granting early termination of the US antitrust waiting period. This will permit the transaction to proceed as far as the US authorities are concerned.

Alcatel-Lucent said in a statement issued on 17 June 2015 that the early termination of the US antitrust waiting period takes it ‘one important step closer to the closing of the pending transaction’. It added that the ‘parties continue to make good progress with the regulatory approval processes in the remaining relevant jurisdictions, with the parties having already obtained antitrust clearances in Brazil and Serbia’.

Both companies will continue to cooperate with the remaining authorities to close their reviews as quickly as possible. The transaction still remains subject to approval by Nokia shareholders.

The plan is that Nokia will hold over 50.00% of the share capital of Alcatel-Lucent on a fully diluted basis upon completion of the public exchange offer, receipt of other regulatory approvals and other customary conditions. The transaction is expected to close in the first half of 2016.

 

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