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Nokia inks $2.5 billion phone transaction

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May 14, 2007

Late Friday, Nokia announced that it has signed an agreement to sell the Chinese retail chain, China Postel, $2.5 billion worth of phone handsets.

The two companies also have agreed to work more closely on network channel development.

China Postel has distributed more than 37 million Nokia mobile phones across China since the two companies signed their first agreement in 1998.

David Tang, vice president of Nokia said in a statement "overall, I strongly believe that our partnership will continue to bring new energy to the Chinese mobile phone market and for many years to come."

Tan Xinhui, president of China Postel, said, "Over the past few years, we have been pursuing new ways of working with operators, mobile phone manufacturers and consumers in order to enhance our competitiveness. We hope to have a fundamental role in the development of the Chinese mobile phone market."

China Postel is a subsidiary of China P&T Appliances, and is China's largest retailer of mobile phones. It had a market share of more than 30 percent last year.

In 2006, Nokia's share of the Chinese market surpassed 35 percent.

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Source: Wireless Week


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