The deal will see Nokia offer Alcatel-Lucent 0.55 of a new Nokia share for every Alcatel-Lucent share. The transaction is currently expected to close in the first half of 2016.
When the deal closes, the current CEO of Nokia, Rajeev Suri, will become the CEO of the combined company, which will be known as Nokia Corporation and will be headquartered in Finland.
Alcatel-Lucent currently has approximately 52,600 employees, 20,000 of whom are engaged in R&D activities. Nokia expects that at the close of the transaction, the combined company will have more than 40,000 R&D employees.