MUMBAI: Nokia has received approval from the European Commission (EU) for its pending acquisition of Alcatel-Lucent. The proposed transaction was notified to the European Commission on 19 June, 2015 and was cleared today (24 July) without conditions following a Phase 1 review. 

Approval by the European Commission follows previously disclosed antitrust clearances in Brazil and Serbia and the expiration of the antitrust review period in the United States. In addition, the parties confirmed that they have received further antitrust clearances from Albania, Canada, Colombia and Russia. Both companies will continue to cooperate with the remaining authorities to close their reviews as quickly as possible. 

The transaction remains subject to approval by Nokia shareholders, Nokia holding over 50 per cent of the share capital of Alcatel-Lucent on a fully diluted basis upon completion of the public exchange offer, receipt of other regulatory approvals and other customary conditions. The transaction is expected to close in the first half of 2016.

As was previously reported by Indiantelevision.com, Nokia had acquired Alcatel-Lucent in April this year for a sum of $16.6 billion. The new company will be known as Nokia Corporation.