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Nokia sells submarine networks business ASN to French state
Global Banking & Finance Review®
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COPENHAGEN (Reuters) – Nokia on Thursday said it had agreed to sell its submarine networks
COPENHAGEN (Reuters) – Nokia on Thursday said it had agreed to sell its submarine networks business ASN to the French state for 350 million euros ($374 million), but that the deal would not impact its financial outlook.
Nokia expected the divestiture to reduce sales in its Network Infrastructure Business Group by 1 billion euros, it said.
The sale is expected to close at the end of 2024 or beginning of 2025, Nokia added.
($1 = 0.9352 euros)
(Reporting by Louise Breusch Rasmussen; editing by Jason Neely)
A divestiture is the process of selling off a subsidiary or business unit. Companies often divest to streamline operations, raise capital, or focus on core business areas.
A financial outlook refers to a company's projected financial performance over a specific period, including expected revenues, expenses, and profitability.
A business acquisition occurs when one company purchases another company, allowing the acquiring company to expand its operations, market share, or product offerings.
Network infrastructure encompasses the hardware and software resources that enable network connectivity, communication, operations, and management of an enterprise network.
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