World Economy

Nokia Cleared for Alcatel-Lucent Acquisition

Nokia Cleared for Alcatel-Lucent AcquisitionNokia Cleared for Alcatel-Lucent Acquisition

Finnish telecom group Nokia announced Monday it has received all US regulatory approvals needed for its proposed acquisition of Alcatel-Lucent, taking a step closer toward creating the world's biggest supplier of mobile phone network equipment.

Following its previous anti-trust clearance from the US Justice Department, the acquisition of the French-American company has now also been cleared by the Committee on Foreign Investment in the United States, Nokia said in a statement, AFP reported.

In mid-April, Nokia struck a $17.6 billion deal to buy its troubled rival Alcatel-Lucent, which only had one year of profit since the company was created in 2006.  The tie-up was approved by the European Commission in July. "Both companies will continue to work closely with the few remaining antitrust authorities in the relevant jurisdictions to conclude their regulatory reviews as quickly as possible," the Nokia statement said.