Nokia has announced the sale of its submarine cable systems to the French government in a deal valued at 350 million euros. This agreement marks an important step forward for the company as it aims to focus on growth and technology leadership in its network infrastructure business group.
The managing director of Nokia, Pekka Lundmark, sees the French government as a suitable owner for the submarine cables, ensuring continued investments and protection of know-how in this critical industry. The sale is subject to approval from authorities and French trade unions, with the goal of completing the transaction by the end of the year or early next year.
Nokia will now allow the company to concentrate on growth opportunities in its core markets and improve profitability. The company estimates a decrease in annual turnover of around one billion euros as a result of the deal, but a corresponding increase in operating profit percentage.
The French Minister of Finance, Bruno Le Maire, expressed excitement about
