Nokia and China Huaxin Post and Telecommunication Economy Development Center signed a final agreement to integrate Alcatel-Lucent Shanghai Bell with Nokia China business to establish the new Nokia Shanghai Bell company.

After the announcement, this new joint venture will become Nokia's main platform in China and it will continue to develop new technologies in sectors like IP routers, fiber, fixed networks, and 5G. At the same time, with the support of Nokia, Nokia Shanghai Bell will continue to seek opportunities in some overseas markets.

Alcatel-Lucent Shanghai Bell and Nokia China business have already been operating as one entity since they reached a temporary operating agreement in January 2016. The final agreement is expected to be completed in July 2017; however, it is still subject to administrative, legal, regulatory and other conditions.

Nokia will hold 50% plus one share of Nokia Shanghai Bell share, while China Huaxin will hold the remaining shares.