Nokia: stops talks on submarine network unit sale
(CercleFinance.com) - Finnish telecom giant Nokia has backed down from talks on selling its submarine network unit to the smaller French optical transport equipment company Ekinops, the latter said on Friday.
In October 2018, Ekinops initiated preliminary discussions with Nokia regarding a possible acquisition of Alcatel Submarine Networks.
"No agreement has yet been reached and discussions with Nokia have now been stopped," Ekinops said in a statement this morning.
Oddo BHF analysts believe that Nokia's subsidiary, which generates annual revenue of between 400 million and 700 million euros, was too big a target for Ekinops, which last year generated sales of just 84 million euros.
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In October 2018, Ekinops initiated preliminary discussions with Nokia regarding a possible acquisition of Alcatel Submarine Networks.
"No agreement has yet been reached and discussions with Nokia have now been stopped," Ekinops said in a statement this morning.
Oddo BHF analysts believe that Nokia's subsidiary, which generates annual revenue of between 400 million and 700 million euros, was too big a target for Ekinops, which last year generated sales of just 84 million euros.
Copyright (c) 2019 CercleFinance.com. All rights reserved.