Finland's Nokia agrees on China joint venture with Huaxin

The Nokia headquarters is seen in Espoo, Finland, July 28, 2015.

/Mikko Stig/Lethikuva

Finnish telecom equipment maker Nokia (NOKIA.HE) on Friday said it has agreed to create a joint venture in China with state-owned Huaxin, following Nokia's proposed takeover of Alcatel-Lucent.Alcatel-Lucent and Huaxin currently share a similar joint venture.According to a memorandum of understanding, Nokia said it expects to hold 50 percent plus one share in the new joint venture, with Huaxin holding the remaining shares. The Nokia-Alcatel deal has not yet won approval from Chinese authorities. The transaction is expected to close next year. (Reporting by Jussi Rosendahl; editing by Jason Neely)