Nokia and the French State have entered into a put option agreement that could soon see Alcatel Submarine Networks in the hands of France. The deal gives Nokia the choice to offload the independently operated unit and focus its efforts in more strategic directions.
ASN builds and deploys subsea networks around the world, having built out some 750,000 route miles of submarine cable. Both the company and the French State want to see that continue, but ASN is non-core to Nokia’s ambitions.
While at the moment it’s a put option, the two expect the deal to close by the end of 2024 or early 2025. The price tag will be some EUR 350M, with Nokia retaining a 20% share until a targeted exit later on. The French State was represented by the Agence des participations de l’Etat, while Nokia was advised by BNP Paribas, Skadden, and RELIANS.
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Categories: Mergers and Acquisitions · Telecom Equipment · Undersea cables
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