Announced today (15 April), Skadden is advising Nokia on the tie-up with a team led by London-based global transactions co-head Scott Simpson; Paris-based Armand Grumberg, who heads the firm’s European M&A practice; and London corporate partner Michal Berkner. The cross-border team further includes partners Ryan Junck, Jose Esteves, Fred Depoortere, Steve Sunshine, Matthew Hendrickson, Ivan Schlager and Peter Huang.
Meanwhile, Sullivan & Cromwell partners Rich Morrissey and Gauthier Blanluet are jointly leading for Alcatel. Based in London and Paris respectively, the pair advised alongside London partners Juan Rodriquez and Joram Lietaerte Peerbolt, Palo Alto partner Nader Mousavi and Steve Holley in New York. Alcatel’s board was advised by Latham & Watkins’ Paris partners Patrick Laporte and Pierre-Louis Clero.
The deal, which has already received the French government’s approval, sees Nokia make an offer of 0.55 new Nokia shares for every Alcatel-Lucent share issued in France and the US.
Alcatel-Lucent chief executive Michel Combes said in a statement: ‘A combination of Nokia and Alcatel-Lucent will offer a unique opportunity to create a European champion and global leader in ultra-broadband, IP networking and cloud applications. This transaction comes at the right time to strengthen the European technology industry. The global scale and footprint of the new company will reinforce its presence in the United States and China.’
The proposed transaction, which is expected to close in the first half of 2016, is subject to approval by Nokia’s shareholders, plus other regulatory approvals and conditions.