Nokia to sell submarine networks to French state for $374 million
Despite the divestiture, Nokia assured that its overall financial outlook would remain unaffected, though it expects a reduction in sales within its Network Infrastructure Business Group by 1 billion euros (£870 million).
Finnish telecommunications giant Nokia recently announced that it has agreed to sell its submarine networks business, Alcatel Submarine Networks (ASN), to the French state for 350 million euros (approximately £300 million). The sale, which is expected to reduce sales in Nokia’s Network Infrastructure Business Group by 1 billion euros (£870 million), will not impact the company’s overall financial outlook, demonstrating Nokia’s robustness of its remaining business segments.
The transaction, anticipated to close by the end of 2024 or early 2025, gives Nokia ample time to adjust and refocus its resources in other sectors. The deal highlights Nokia’s ongoing effort to streamline and recalibrate its business interests towards more profitable or strategic avenues, facilitating better resource allocation and enhancing focus on areas integral to its core objectives and future growth plans.
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