Finnish telecom equipment maker Nokia (NOKIA.HE) on Friday said it has agreed to create a joint venture in China with state-owned Huaxin, following Nokia’s proposed takeover of Alcatel-Lucent.

Alcatel-Lucent and Huaxin currently share a similar joint venture.

According to a memorandum of understanding, Nokia said it expects to hold 50 percent plus one share in the new joint venture, with Huaxin holding the remaining shares.

The Nokia-Alcatel deal has not yet won approval from Chinese authorities. The transaction is expected to close next year.

(Reporting by Jussi Rosendahl; editing by Jason Neely)

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