EU Approves $2.3 billion Takeover of Infinera by Nokia

New Nokia's logo is displayed before GSMA's 2023 ahead of the Mobile World Congress (MWC) in Barcelona, Spain February 26, 2023. REUTERS/ Albert Gea/File Photo
New Nokia's logo is displayed before GSMA's 2023 ahead of the Mobile World Congress (MWC) in Barcelona, Spain February 26, 2023. REUTERS/ Albert Gea/File Photo
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EU Approves $2.3 billion Takeover of Infinera by Nokia

New Nokia's logo is displayed before GSMA's 2023 ahead of the Mobile World Congress (MWC) in Barcelona, Spain February 26, 2023. REUTERS/ Albert Gea/File Photo
New Nokia's logo is displayed before GSMA's 2023 ahead of the Mobile World Congress (MWC) in Barcelona, Spain February 26, 2023. REUTERS/ Albert Gea/File Photo

The EU Commission on Wednesday said it had unconditionally approved the $2.3 billion acquisition of US optical semiconductors and networking equipment maker Infinera by Nokia.

The commission said the takeover raised no concerns, as the companies' combined market share in the supply of optical transport equipment would be moderate and would still face credible competition.

Reuters already reported earlier this month that Nokia was set for the unconditional approval for the deal, which it announced in June last year.

The acquisition will make it the second-largest vendor in the optical networking market with a 20% share, behind Huawei, which is benefiting from the minimal presence of Western companies in China.

The acquisition will allow Nokia to sell more equipment to big tech companies such as Amazon, Alphabet and Microsoft, which are investing billions of dollars in building new data centres to service the artificial intelligence boom.



Apple Takes Top Spot for First-Quarter Smartphone Sales, Data Shows

An attendee holds two iPhones 16 as Apple holds an event at the Steve Jobs Theater on its campus in Cupertino, California, US, September 9, 2024. (Reuters)
An attendee holds two iPhones 16 as Apple holds an event at the Steve Jobs Theater on its campus in Cupertino, California, US, September 9, 2024. (Reuters)
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Apple Takes Top Spot for First-Quarter Smartphone Sales, Data Shows

An attendee holds two iPhones 16 as Apple holds an event at the Steve Jobs Theater on its campus in Cupertino, California, US, September 9, 2024. (Reuters)
An attendee holds two iPhones 16 as Apple holds an event at the Steve Jobs Theater on its campus in Cupertino, California, US, September 9, 2024. (Reuters)

Apple took the top spot for global smartphone sales in the first quarter on the back of the iPhone 16e's launch and strong demand in countries such as Japan and India, data from Counterpoint Research showed on Monday.

Apple had 19% of the smartphone market, despite flat or declining sales in the US, Europe and China, followed by Samsung with 18% of the market, according to Counterpoint.

The data suggests iPhone demand remains strong in emerging markets, even as sales struggle in China due to competition from local players such as Huawei and a lack of AI features.

Separately, International Data Corporation, which primarily tracks shipments rather than sales to consumers, said global smartphone shipments rose 1.5% in the first quarter, with Apple front-loading supply to sidestep potential tariffs under US President Donald Trump.

Apple's shares were up around 3.5%.

Trump's back-and-forth tariffs and escalation of global trade tensions has resulted in global financial market turmoil for the past two weeks, a worsening economic outlook and the possibility of stronger inflation.

Apple had chartered cargo flights to ferry 600 tons of iPhones, or as many as 1.5 million, to the United States from India in an effort to beat the tariffs.

However, Trump's decision to exclude smartphones, computers and some other electronics from the sweeping reciprocal duties on China led to a rise in global tech shares on Monday.

"The recent exemption by the US government pausing smartphone import tariffs from China offers temporary relief for US companies, but heavy reliance on China's supply chain persists amid ongoing tariff volatility," said Ryan Reith, group vice president, worldwide device trackers, IDC.

"Right now, the focus for US smartphone brands should be taking advantage of the exemption by building and shipping as much as possible."

Counterpoint, which expects the smartphone market to decline this year due to tariff-related uncertainty, said Xiaomi continued its sales momentum in third place, while Vivo took the fourth spot and OPPO was fifth.