March 31, 2009 / 7:25 AM / 9 years ago

Nokia signs $1.76 billion phones deal in China

HELSINKI (Reuters) - Nokia NOK1V.HE has signed a 2009 framework deal worth $1.76 billion to supply handsets in China for top phone distributor China PTAC, with the annual contract’s value falling from the year ago.

Last year’s framework deal between the two was valued at $2 billion, and the 2007 deal was valued at $2.5 billion.

“In addition, both parties have agreed to expand strategic ties, especially with regard to 3G and operator business,” Nokia said in a statement dated March 30. (Reporting by Tarmo Virki; Editing by Greg Mahlich)

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