Nokia has confirmed that it will acquire French global telecommunications equipment company Alcatel-Lucent for 16.6 billion dollars.
According to CNN, the deal will create a telecom-supply giant and possibly spur a wave of consolidation in the industry.
The combined company will be called Nokia Corporation and its headquarters in Finland.
Both firms provide equipment, infrastructure and support to the telecommunications industry. Alcatel shareholders will own 33.5 percent of the combined company.
