Nokia has signed deals to provide tech and services to three Chinese telecom firms; China Mobile, China Telecom and China Unicom, worth a combined value of more than two billion euros, according to the Finnish mobile networks firm.
The company said it will provide and service technologies to boost performance “in fixed and mobile broadband networks across China to meet ever-growing demand as operators transition towards 5G.”
The deal involves the delivery of 4G radio and fixed access gear, IP routing and optical transport equipment and other services, according to the company.
All three of the Chinese telecom companies in the agreement are state owned. Nokia announced its deal with China Mobile last summer. China Mobile is the world’s largest mobile operator, with approximately 900 million domestic subscribers. China Telecom and had more than 150 million customers, while China Unicom was ranked in 2015 as the world’s fourth-largest mobile service provider.
The combined deal with Chinese operators is valued at more than two billion euros, a cash injection that may help Nokia reach its recently-stated goal of saving 700 million euros.
According to its earnings report issued last month, the company saw year-on-year 27 percent decline in operating profits during itsthird quarter.
The company also announced last month its savings programme would result in, among other things, a “net reduction of employees globally.”
Last month the firm said it was wrapping up a previous 1.2 billion-euro savings plan that was initiated after it acquired French-US networks giant Alcatel-Lucent.