Nokia ( NOK ), the Finnish telecom equipment giant, Thursday said it plans to complete the $16.6 billion acquisition of its one-time rival, French-American Alcatel-Lucent in Q3 pursuant to a buyout offer for the remaining securities.

Nokia traded down 3.7% pre-bell to $5.41.

Nokia said it has agreed to acquire 24.4 million Alcatel-Lucent shares, 9.6 million Alcatel-Lucent bonds convertible into new or exchangeable for existing Alcatel-Lucent shares due on Jan. 30, 2019, and 2.3 million Alcatel-Lucent bonds convertible into new or exchangeable for existing Alcatel-Lucent shares due on Jan. 30, 2020, all in private transactions.

Nokia will buy the shares for an aggregate cash payment of EUR85.4 million ($95.4 million) for the Alcatel-Lucent shares, corresponding to a unit price of EUR3.50 per share.

Following these transactions, Nokia said it will own 95.3% of the share capital and voting rights of Alcatel-Lucent.

Nokia plans file with the French financial market authority a public buy-out offer in cash of the remaining Alcatel-Lucent shares, or convertible bonds. The offer price will be determined by Nokia after the publication of Alcatel-Lucent's Q2 results, slated for Aug. 4.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.