Nokia is entering the new year with a bang, announcing a move that will see it become one of the largest broadband equipment providers in the world.

The company has announced that it has gained control of Alcatel-Lucent, a French telecom firm, with the 15.6 billion euro, or $17 billion, deal being approved by the French stock market regulators on Jan. 4.

Not only is the deal itself a huge deal, but the speed at which Nokia plans on merging the two companies is also notable, with the merger set to be finalized on Jan. 14, increasing Nokia's competitiveness. Nokia will hold a 79 percent stake in Alcatel-Lucent, making the company a major player in the tech world once again, after selling its mobile handset business to Microsoft back in 2013. Alcatel-Lucent has expertise in routers and broadband network materials, while Nokia brings wireless network experience.

The deal, which was approved by both U.S. and European antitrust regulators, will help Nokia build up its brand, and specifically its networks division, although that doesn't mean that it is doing away with its phone brand completely. In fact, the company announced the N1 Android tablet and the Ozo VR camera, both of which were unveiled in 2015. Not only that, but Nokia executives have openly expressed interest in getting back into the smartphone business, with the company having recently regained the rights to use the Nokia brand for smartphones after the Microsoft sale.

Via: CNET