The Finnish telecoms company is acquiring its ailing French counterpart in a bid to become a leading global networks operator

Nokia has confirmed it is acquiring the ailing French telecom company Alcatel-Lucent through a public exchange offer in France and the United States, in a bid to become a leading global networks operator.

The deal has been approved by each company’s board of directors and is expected to close in 2016 subject to regulatory and other approvals, the Finnish company said.