France Acquires Nokia's Submarine Business

Nokia announced Friday that it has finalized the sale of its Alcatel Submarine Networks (ASN) to the French government for approximately $360 million. Nokia will retain a 20% interest “to ensure a smooth transition until targeted exit, at which point it is planned for the French State to acquire Nokia’s remaining interest,” said a news release. ASN is “a successful, non-core standalone business,” Nokia said. The sale “allows Nokia to focus the portfolio of its Network Infrastructure business group while positioning ASN strongly to build on the transformation achieved while part of Nokia,” the company said.