Company: NOKBF
Filing Date: 2025-01-30
Form Type: 6-K
Source: 0001104659-25-007448
Chunk: 7

Company: NOKIA CORP
Filing Date: 2025-01-30
Form: 6-K
Chunk 7
---
era shareholders approved
the planned acquisition. On 7 October 2024, Nokia and Infinera received approval from the Committee on Foreign Investment in the United
States (CFIUS). During the fourth quarter Nokia received many of the outstanding required approvals for the deal. At this point approval
from the European Union and Taiwan, along with contractual closing conditions, are the major items outstanding to proceed to closing.
Assuming the current target timelines, Nokia and Infinera now expect the deal to close during the first quarter of 2025.

| 6                                      
 STOCK EXCHANGE RELEASE 30 January 2025 |

Nokia exercised NSB call option to simplify ownership structure in China

Nokia and its joint venture partner China Huaxin have been together
reviewing the future ownership structure of Nokia Shanghai Bell (NSB). Following those discussions, Nokia exercised its call option, outlined
in NSB’s shareholders' agreement, to initiate the process to become the sole shareholder by purchasing China Huaxin's approximately
50% share in NSB. This will allow Nokia to simplify its ownership structure in China while Nokia remains committed to continue serving
the local market.

Since the creation of the joint venture Nokia has recorded a liability
on its balance sheet based on the estimated future cash settlement to acquire China Huaxin's ownership interest. The execution of the
call option is subject to completing required steps under the shareholders' agreement.

Managed Services business transferred from Cloud and Network Services into Mobile Networks in 2025

Nokia has moved its Managed Services business into Mobile Networks
(MN), effective 1 January 2025. The Managed Services business provides outsourced network management of multi-vendor RAN networks for
operators and since 2021 has been part of our Cloud and Network Services (CNS) business group. Considering CNS is increasingly transitioning
towards cloud-native software sales, 'as-a-service' product offerings and helping customers to monetize networks through API's, Nokia
believes that this business is more aligned and fits better with its MN business. Based on 2024 results, this change is expected to lead
to a transfer of approximately EUR 430 million of net sales and approximately EUR 40 million of comparable operating profit from CNS to
MN. Nokia will provide recast financial information for 2024 for MN and CNS reflecting this change prior to Nokia's Q1 financial results.

RISK FACTORS

Nokia and its businesses are exposed to a number of risks and uncertainties
which include but are