Nokia Corporation (ADR) (NYSE:NOK) and China Mobile Ltd. (ADR) (NYSE:CHL)
Nokia Corporation (ADR) (NYSE:NOK) on Friday announced it had inked a slew of deals worth a billion dollars (910 million euros) to sell equipment and services to China Mobile Ltd. (ADR) (NYSE:CHL).
The Finnish firm’s contract with the world’s largest mobile operator includes an agreement to roll out a fourth generation wireless network as well as provide infrastructure, maintenance, network planning and software solutions.
The contracts were signed late Thursday in Beijing by Li Huidi, executive vice-president of China Mobile, and Nokia counterpart Hans-Juergen Bill in the presence of Chinese Prime Minister Li Keqiang and visiting German Chancellor Angela Merkel.
The accords foresee Finland’s high-speed mobile networks maker rolling out the next phase of its Time Division Long-Term Evolution advanced technology.
China Mobile, one of three Chinese state operators, is seeking to install a million relay stations by year’s end which would make its fourth generation wireless network the world’s largest.
Nokia said its network infrastructure capabilities and technical expertise would help China Mobile drive the evolution of China’s Internet of Things ecosystem by offering connectivity for healthcare, connected cars and other applications.
The firm added in a statement that Nokia Networks and China Mobile Research Institute have also signed a memorandum of understanding on strategic cooperation to develop 5G technology.
“This major agreement with China Mobile marks another milestone in our more than 20 years of partnership in the area of telecommunications,” said Mike Wang, president of Greater China, Nokia Network.
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