Alcatel-Lucent has completed the sale of its enterprise unit to a Chinese ICT investment company for €202 million ($254.9 million).
The vendor has sold control of the unit to China Huaxin Post & Telecommunication Economy Development Center.
Alcatel-Lucent has retained a 15% stake in its enterprise unit and plans to maintain a commercial relationship with it.
The sale forms part of Alcatel-Lucent's Shift Plan, which aims to generate asset sales of €1 billion and implement cost savings of €1 billion by the end of 2015.
Besides cutting costs, the Shift Plan involves refocusing Alcatel-Lucent as a specialist provider in IP, Cloud and Ultra-Broadband Access.
The sale price is lower than the €268 million that Alcatel-Lucent had been hoping to get when it commenced negotiations in February.
China Huaxin is an industrial development company first established by the Ministry of Post and Telecommunications of China in 1993. It is now wholly owned by the State-owned Assets Supervision & Administration Commission of the People’s Republic of China (SASAC).