The Finnish telecommunications company said the acquisition would help Nokia gain market share in network implementation.
Shares of Nokia are up 0.59% to $7.66 in mid-morning trading on Wednesday.
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The Nokia 8 will go on sale in early September and cost 599 euro ($702).
European benchmarks had seen a solid session a short time ahead of the close Wednesday after receiving a boost from a number of corporate earnings winners and renewed M&A activity.
The company has laid off thousands of employees every year for the past several years.