A 10K feet view of NOK and ALU: NOK sold its handset division to MSFT a couple of years ago for ~$6B, to the best of my knowledge they are no longer selling cell phones.  NOK is the Wireless Equipment business, i.e. LTE equipment.  It had a partnership with Siemens.  NOK bought the part that Siemens owned.  At that point NOK's revenue was mosty tied to the wireless equipment segment.  It also sells services and software (network management etc...) then there is the HERE mapping division. These divisions make up the bulk of its revenue. ALU also has a Wireless (LTE), Switching amd Routing (IP), Long Haul Terrestrial and Submarine Optical, SDN (Software defined networking which it sells into the chinese market) and software and services. ALU is strong in the US as it has Verizon and AT&T as its major US customers.  NOK sells into T-Mobile and Sprint (from memory, but not 100% sure), ALU and NOK are both in the chinese market where they are deploying LTE. The synergies are:  NOK brings the strong balance sheet.  ALU brings SDN, Switching and Routing (number 3 vendor in the world), Optical (I believe number 2 in the world).  ALU brings AT&T and Verizon as customers, the US represents half of ALU revnues.