Nokia wins $422 Million contract with Russian carrier MegaFon

Now the press release talks about euros but I think in dollars. For the UK folks this is 214 Million Pounds. It’s just currency semantics.

Nokia (NYSE: NOK) has won a major GSM/GPRS/EDGE network expansion contract from leading Russian operator MegaFon that will see it deliver both radio and core equipment as well as a range of services, helping MegaFon deliver advanced mobile solutions to its fast-growing subscriber base. The value of the agreement is over EUR 320 million, and equipment deliveries have already begun.

"The Russian mobile communications market is no longer driven by price competition but instead network quality. Mobile leadership will be taken by those who now take measures to create a solid foundation for maintaining high quality of services. Our cooperation with Nokia means that MegaFon prepares for the future and takes the required steps towards network development," said Sergey Soldatenkov, CEO, OAO MegaFon.

"The Russian market is extremely important for Nokia and we are pleased to extend our strategic cooperation with MegaFon, one of the leading players in this rapidly growing mobile arena," said Jonathan Sparrow, General Director, Networks, Nokia, Russia. "A further demonstration of our commitment to the Russian market is the increased service support capabilities in the regions where we work with MegaFon."

Source: Nokia PR

Congratulations Nokia! I would’ve thought that the Russian mobile industry be mature by now. Apparently it isn’t, but I’m glad Nokia is helping them modernize.