COPENHAGEN (Reuters) – Nokia on Thursday said it had agreed to sell its submarine networks business ASN to the French state for 350 million euros ($374 million), but that the deal would not impact its financial outlook.

Nokia expected the divestiture to reduce sales in its Network Infrastructure Business Group by 1 billion euros, it said.

The sale is expected to close at the end of 2024 or beginning of 2025, Nokia added.

($1 = 0.9352 euros)

(Reporting by Louise Breusch Rasmussen; editing by Jason Neely)