Chinese investment company Huaxin and Finnish telecom equipment maker Nokia signed memorandum of understanding (MoU) to form a joint venture named Nokia Shanghai Bell.
Nokia said in the MoU that it anticipates to own 50 percent and one share in the new joint venture, with Huaxin holding the remaining shares.
"With this MoU now in place, we will... work closely with our new partners to make the case for swift approval of the proposed combination," Nokia CEO Rajeev Suri said in a statement.
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