Nokia to snap up Alcatel for $16.6b

CEO Suri to lead combined company in industry's biggest deal since at least 1999

Nokia Oyj agreed to buy Alcatel-Lucent SA in an all-stock deal valued at 15.6 billion euros ($16.6 billion) to create the world's largest supplier of equipment that powers mobile-phone networks.

Alcatel investors will receive 0.55 Nokia shares for each stock they own, the companies said on Wednesday. The price is equivalent to about 4.12 euros based on Nokia's closing price on Tuesday, or 8 percent less than Alcatel's last close in Paris. Alcatel shares soared on Tuesday as the companies said they are in talks.