Jorg Erlemeier to Lead Nokia and Alcatel-Lucent Integration

Jorg-Erlemeier-to-Lead-Nokia-and-Alcatel-Lucent-IntegrationNokia has announced the appointment of Jorg Erlemeier as head, Integration Planning for the integration of Nokia and Alcatel-Lucent to follow the proposed combination of the two companies.

Erlemeier will establish an Integration Steering Board that will provide the structure, processes and working team needed to set up the required plans for the combined company. In this role, which will take effect immediately, he will report to Nokia president and CEO, Rajeev Suri.

“With a strong leader like Jorg in place, we can have confidence that the right integration planning will be underway, leaving the vast majority of the people in Nokia able to keep their attention where it matters: on our customers and our business performance,” said Suri.

Erlemeier currently leads Global Services in Nokia Networks’ Europe market. He has a proven track record in the telecommunications industry with more than 20 years of experience, and joined Nokia in 1994.

Nokia and Alcatel-Lucent have announced their intention to combine to create an innovation leader in next generation technology and services for an IP connected world. The two companies have entered into a memorandum of understanding under which Nokia will make an offer for all of the equity securities issued by Alcatel-Lucent, through a public exchange offer in France and in the United States, on the basis of 0.55 of a new Nokia share for every Alcatel-Lucent share.

The all-share transaction values Alcatel-Lucent at EUR 15.6 billion on a fully diluted basis, corresponding to a fully diluted premium of 34 percent (equivalent to EUR 4.48 per share), and a premium to shareholders of 28 percent (equivalent to EUR 4.27 per share), on the unaffected weighted average share price of Alcatel-Lucent for the previous three months.

The proposed transaction which is expected to close in the first half of 2016. The proposed transaction is subject to approval by Nokia’s shareholders, completion of relevant works council consultations, receipt of regulatory approvals and other customary conditions.

Also Read

Leave a Reply

%d bloggers like this: