Finnish telecommunications equipment manufacturer Nokia announced the signing of an agreement to sell Alcatel Submarine Networks (ASN), the world leader in submarine cable infrastructure, of the French state for 350 mln. EUR.
„This is a good step towards implementing our active portfolio management strategy. ASN was a separate part of our network infrastructure business and as a result of the sale, Nokia will benefit from optimizing the portfolio with a focus on growth and strengthening its technology leadership. I'm glad we found a natural owner for this business. The French state will ensure continued investment in ASN and the protection of critical industry know-how,” said Nokia president Pekka Lundmark.
The deal is subject to approval by the authorities and French unions. The department has no employees in Finland, but mainly in France.
The turnover of the division in 2023 amounts to EUR 1.1 billion, it employs 2,500 employees. The company is an industry leader with over 750,000 kilometers of fiber optic submarine cables deployed worldwide. That's enough to circle the globe 19 times, the report says.
The extensive portfolio of services includes project management, installation, commissioning, marine repair work carried out by ASN's fleet of cable vessels.
Nokia Corporation is a Finnish multinational telecommunications, information technology and consumer electronics corporation founded in 1865. Nokia's headquarters are located in Espoo. The company operates in approximately 130 countries and has 87,000 employees.