European Commission gave its nod for Nokia's proposed acquisition of Alcatel-Lucent
Nokia announced that it has received approval from the European Commission for its pending acquisition of Alcatel-Lucent. The proposed acquisition was notified to the European Commission on June 19, 2015 and was cleared on July 24, 2015 without conditions following a Phase 1 review.
Approval by the European Commission follows previously disclosed antitrust clearances in Brazil and Serbia and the expiration of the antitrust review period in the United States. In addition, both Nokia and Alcatel-Lucent confirmed that they have received further antitrust clearances from Albania, Canada, Colombia and Russia. Both companies will continue to cooperate with the remaining authorities to close their reviews as quickly as possible.
The transaction remains subject to approval by Nokia shareholders, Nokia holding over 50.00% of the share capital of Alcatel-Lucent on a fully diluted basis upon completion of the public exchange offer, receipt of other regulatory approvals and other customary conditions. The transaction is expected to close in the first half of 2016.