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Nokia Announces Plan to Purchase Comptel for $370 Million

by Habeeb Onawole 0

The name Nokia might be associated with phones, but it is also associated with telecommunications infrastructure. The Finnish corporation has given HMD Global the license to release phones under the Nokia brand but it still uses the name for its telecom network equipment business.

Nokia is one of the three major players in the telecom equipment market, with the other two being Ericsson and Huawei. Right now, the company is in talks to acquire Comptel (Comptel Corporation), another Finnish company that deals in software communications.

Comptel

The acquisition will help Nokia advance its software strategy and stay relevant in the 4G mobile broadband equipment production. The acquisition will cost Nokia $370 million with Nokia offering €3.04 in cash per share. Comptel’s board of directors have unanimously agreed to accept the offer and will recommend that shareholders do the same too.

READ MORE: Nokia’s Next Smartphone Should Be Announced on February 26 According to Leaked Invite

Comptel is said to be a long-time partner of Nokia. It was founded in 1986 and operates in countries like Bulgaria, Malaysia, India and the United Kingdom alongside its home country. The acquisition is expected to not have an effect on the jobs at Comptel.

(Source)

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