Nokia Corporation engaged Relians to support a highly strategic and complex transaction: the sale of Alcatel Submarine Networks (ASN)—a global leader in submarine cable infrastructure essential to the functioning of the internet—to France’s Agence des Participations de l’État (APE), the government’s state investment agency.
This mission unfolded at the crossroads of regulatory, institutional, and geopolitical complexity, touching on national digital sovereignty, critical infrastructure security, industrial valuation, and economic diplomacy. It drew on Relians’ full range of expertise in strategic consulting, institutional relationship management, and the structuring of sensitive transactions.
Context and Challenges
ASN is a globally significant player in the digital infrastructure sector. With more than 800,000 kilometers of submarine fiber optic cables deployed worldwide, the company plays a vital role in the routing of international data flows. At the time of the transaction, ASN was generating over €1 billion in annual revenue and was valued at €350 million, positioning it as a key industrial, technological, and geopolitical asset.
The operation took place amid significant global geopolitical volatility—including the war in Ukraine, escalating tensions between major powers, and increasing scrutiny of global value chains. Within this climate, the French government expressed a strong and clear desire to reclaim control over assets deemed critical to national digital sovereignty. ASN, as a core operator in international communications security and resilience, stood high on the list of strategic priorities.
Our Mission
From the earliest stages, Relians identified the regulatory, institutional, and political dimensions that would shape the transaction. We worked in close collaboration with Nokia’s senior leadership—specifically the M&A, Corporate and Public Affairs, and Legal teams—to ensure the process was managed smoothly, securely, and in full alignment with the specific requirements of the French institutional environment.
Our work was structured around three core components:
We conducted a detailed analysis of French regulatory expectations and legal obligations surrounding the transfer of such a sensitive asset. This work allowed us to map out the key institutional stakeholders—the Presidency, Prime Minister’s Office, SGDSN (France’s national security agency), and Ministry of Economy and Finance—as well as to clearly define the “red lines” relating to national security and technological independence.
We advised Nokia on the optimal legal and financial structure of the sale, with a dual objective: maximize ASN’s valuation while ensuring full compliance with the buyer’s strategic and regulatory criteria. This included addressing expectations around governance, knowledge transfer, and the preservation of France’s strategic capabilities in submarine cable technologies.
We led all institutional engagement between Nokia and French authorities. This required both technical precision and diplomatic tact, particularly in the context of upcoming presidential and parliamentary elections. Our role was to proactively manage concerns, reassure stakeholders about Nokia’s intentions, and anticipate or defuse any political or administrative tensions. We also closely coordinated with Nokia’s financial advisor BNP and legal counsel Skadden to ensure a secure, coherent, and integrated approach throughout the process.
Results
Thanks to our support, Nokia successfully finalized the transfer of ASN to the French State over a three-year period, at a price aligned with the group’s expectations. The transaction marked a strategic pivot for Nokia, allowing the company to refocus on its core commercial and technological priorities, while facilitating the careful transfer of a sensitive asset into public ownership.
From the French perspective, the acquisition was widely seen as a tangible reinforcement of national digital sovereignty, ensuring that rare and strategic expertise in submarine cable systems would remain anchored on national territory.
A Landmark Case
This transaction exemplifies Relians’ ability to operate at the highest levels of strategic public-private interface, navigating economic, technological, and political stakes. Through our institutional expertise, rigorous process management, and ability to foster trust among stakeholders, we helped transform a highly sensitive operation into a model of successful industrial diplomacy.
At Relians, we support our clients through their most sensitive and high-impact operations by providing a clear reading of sovereignty-related issues and creating the conditions for constructive engagement with public authorities.
The French State signed a purchase agreement to acquire 80% of Alcatel Submarine Networks (ASN) from Nokia.
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Nokia enters into an agreement with the French State regarding the sale of leading submarine networks business ASN.
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