Nokia (NOK) has announced that it has won its first 5G radio contract in China amid the Ericsson and China political sputter. As a result, Ericsson is losing ground quickly while business is moving to Nokia and other 5G technology companies.
In addition, Chinese companies took the lion’s share of the order. Huawei took a majority share in all three contracts, followed by ZTE, according to a document published by China Mobile.
Since China has starting deploying 5G telecom technological infrastructure, it allowed Nokia to take a 10% stake in one of the three contracts while Ericsson got a 9.6% stake of another contract.
The total tender is for about $6 billion divided between the three contracts with Nokia taking 4% ($240,000,000) of the overall tender, says one source. Nokia will provide more information on the tender results in their upcoming earnings call on July 29.