French State to acquire an 80% stake in Alcatel Submarine Networks from Nokia for €280m.

The French State agreed to acquire an 80% stake in Alcatel Submarine Networks, a submarine networks business, from Nokia, a telecommunications, information technology, and consumer electronics corporation, for €280m. “This is a good step forward in our strategy of actively managing our portfolio. ASN has been a standalone part of our Network Infrastructure business and through the divestment, Network Infrastructure will benefit from a streamlined portfolio with a focus on growth and strengthening its technology leadership. ASN has gone through a significant transformation in recent years and has a strong market position. I am pleased we have found a natural owner for the business. The French State will ensure continued investment in ASN and protection of critical industry know-how," Pekka Lundmark, Nokia President and CEO.