France: Nokia sells submarine unit to French State

Telecoms OEM Nokia announced today that it has entered an agreement to sell Alcatel Submarine Networks (ASN) to the French State, represented by the Agence des Participations de l'Etat (APE) in a deal which is expected to close at the end of 2024 or the beginning of 2025.

Alain Biston, president and CEO of ASN, said: “This is an incredibly exciting moment for ASN as we undertake the next phase of our development. The French State’s ownership gives us a stable platform to further develop our vertically integrated technology offering. This, combined with Nokia’s retained stake, underscores all parties’ aligned interests in delivering a smooth transition for the benefit of our customers, suppliers, and other stakeholders.”

Bruno Le Maire, French Minister of Economy, said: “The French State, represented by the Agence des Participations de l’Etat (French shareholding Agency), is thrilled to announce its willingness to acquire 80 percent shareholding of ASN. The company is one of the world leaders in the submarine cable market, and the only company of its kind in Europe.”