Nokia China Huaxin Sign MoU to Create New JV Combining Nokia China, Alcatel-Lucent Shanghai Bell

Nokia and China Huaxin Post & Telecommunication Economy Development Center ("China Huaxin") have signed a memorandum of understanding ("MoU") today confirming their intention to combine Nokia's telecommunications infrastructure businesses in China ("Nokia China") and Alcatel-Lucent Shanghai Bell ("ASB") into a new joint venture. As agreed under the MoU, Nokia expects to hold 50% plus one share in the new joint venture, with China Huaxin holding the remaining shares. Fair value compensation would be received for the contribution of relevant assets to the joint venture. The new joint venture is conditional on and would be formed after the closing of Nokia's planned combination with Alcatel-Lucent, at which point Nokia would own 50% plus one share of ASB. The new joint venture is expected to be a strong national asset based in China capable of delivering value for both parties. Nokia China and ASB are leaders in the Chinese telecommunications infrastructure market and both are long-standing contributors to the development of China and innovation in the country.                                            The new joint venture is planned to operate under the English name of Nokia Shanghai Bell and would be registered in the China (Shanghai) Pilot Free Trade Zone. The See full press release