T-Mobile and Nokia agree $3.5bn deal on nationwide 5G network
Mobile-phone giants T-Mobile and Nokia has announced a $3.5bn deal in a bid to speed up the introduction of a nationwide 5G network.
As part of the deal, Finland-based company Nokia will provide T-Mobile with its complete end-to-end 5G technology, software and services portfolio.
The two firms will work together to ensure T-Mobile continues in its efforts to bring 5G network to the market for its customers during the pivotal early years of the new technology.
Neville Ray, Chief Technology Officer at T-Mobile, said: “We are all in on 5G.”
“Every dollar we spend is a 5G dollar, and our agreement with Nokia underscores the kind of investment we're making to bring customers a mobile, nationwide 5G network.”
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These range from enterprise, smart cities, utilities, transportation, health, manufacturing, retail, agriculture and government agencies.
Ashish Chowdhary, Chief Customer Operations Officer at Nokia, said: "Nokia and T-Mobile will advance the large-scale deployment of 5G services throughout the United States."
"This is a testament to our companies' strong and productive working relationship, one which has produced several important technological milestones in recent months, and which now allows us to make 5G a commercial reality."
The launch of 5G is set to offer a whole host of enhancements including faster speeds, better connectivity, longer battery-life as well as a more reliable network for customers.
Start-ups receive $60 billion investment, smash 2020 record
Start-ups on the continent have raised a massive 43.8 billion euros ($60.9 billion) in just the first six months of 2021, according to figures from Dealroom, surpassing the record 38.5 billion euros invested last year..
This is despite the fact that the number of venture deals signed so far is around half the amount agreed in 2020. Only about 2,700 funding rounds have been raised so far this year, compared to 5,200 last year.
Prime examples in times of change
Examples are Swedish buy-now-pay-later firm Klarna which has raised more than $1.6 billion in two financing rounds, the German stock trading app Trade Republic received $900 million in May and British payments provider Checkout.com snapped up $450 million at the start of the year.
The figures suggest that European tech firms are pulling in far larger sums of money per investment than in previous years, which defies the economic uncertainty of the pandemic and boosted online services enormously.
The CEO of Checkout.com, Guillaume Pousaz, said start-ups have often been created in times of crisis, citing the emergence of several new financial technology companies in the wake of the 2008 global financial crisis.
He added that big transformational change was often the time when there is the emergence of a lot of new start-ups, sometimes when people are losing their jobs for associated reasons.
UK leading the charge
Scale-Up Europe, a group that includes the founders of UiPath and Wise, proposed 21 recommendations to help the region build “the next generation of tech giants.” Among the suggestions are tax credits to corporates for investing in start-ups and regulatory changes that adapt to new innovations.
Sebastian Siemiatkowski, CEO of Klarna, said the U.K. leads Europe when it comes to tech policy, and that there were a number of regulatory issues needing to be addressed before the European Union can produce tech giants of its own.
Siemiatkowski highlighted EU regulation of web cookies as an example of “poor regulation.” Yet, as the number of $1 billion start-ups in Europe continues to grow, the number of exits in the continent is also increasing.
This year has already seen some notable acquisitions, including Etsy’s $1.6 billion purchase of U.K. fashion resale app Depop and JPMorgan’s takeover of London robo-advisor Nutmeg.
As for stock market listings, a number of notable debuts have taken place in London in particular, including food delivery app Deliveroo, cybersecurity firm Darktrace and reviews site Trustpilot. Money transfer giant Wise, formerly known as TransferWise, plans to go public in the U.K. capital soon.