IMO, the merged entity can make more commercial sense to invest in Nokia 5G. If you read the report, VOD wants to start 5G in the 1Q20 which is just immediate after outcome of the court decision. If the decision is for merger, then the funding is from TPG-VOD, otherwise TPG will sell the spectrum to the VOD, and the TPG will continue selling the 5G from the VOD. lots of IFs!
