PARIS and MURRAY HILL, N.J. – Shareholders of Alcatel and Lucent Technologies have approved the merger of the two companies.
Both firms held shareholders’ meetings on Thursday.
The companies expect to complete the merger transaction by the end of this year, within the 6- to 12-month timeframe predicted when the tentative deal was announced on Apr. 2, which would create a wireless and wireline equipment manufacturer with $25 billion in annual revenues.
"I’m delighted that Alcatel’s shareholders have approved our strategic merger with Lucent Technologies, and I thank them for their trust," said Serge Tchuruk, Chairman and CEO of Alcatel after the shareholders’ meeting held in Paris. "This significant transaction is about creating the world leader in our industry. This offensive strategy, strengthened by the projects to acquire some of Nortel’s assets and the reinforcement of our partnership with Thales, aims to increase Alcatel’s value for its shareholders, and to provide its customers with the broadest portfolio and to give its employees great opportunities. We remain confident in the closing of these three strategic moves by the end of the year, when all the necessary approvals are granted."
In a statement, Lucent Technologies Chairman and CEO Patricia Russo said, "As we have said from the start, the primary driver of this combination is to create long-term value for shareowners, customers, and employees. Today we received approval for the merger from Lucent’s shareowners, and as a result, we are another step closer to creating the first truly global communications solutions provider with the broadest wireless, wireline and services portfolio in the industry."
