Gainspeed has announced that Nokia (NYSE: NOK) plans to acquire the company. Gainspeed, which is best known for their virtual converged cable access platform, will fit perfectly into Nokia’s fiber access solutions. The acquisition will give Nokia the ability to deliver a comprehensive cable access solution for multiple system operators. After the prospective transaction is fully completed, Gainspeed would become a member of Nokia’s Fixed Networks. Gainspeed, which is currently located in Sunnyvale, California, was founded in 2012 ad currently employs around 70 people. The planned transaction is slated to close sometime in the 3rd quarter of 2016.

More information regarding the proposed deal can be found on the company’s press release. Nokia is set to share their next quarterly earning on August the 4th. Current projections for the total come in at a revenue of $6.49 billion and an EPS of $.04. During Thursday’s trading window, Nokia’s stock NOK fluctuated between $5.63 and $5.73. The stock finally closed at $5.86 for a total loss of .06. The company has a 52-week low of $5.08 and a 52-week high of $7.63.