The company said in a statement it expects about 600 million euros ($715 million) to 700 million euros of restructuring and associated charges by 2023.
Nokia will bring its 5G expertise, Google Cloud will serve as the platform for launching applications and assist customers in building an ecosystem of services.
We will start to see some of these things to get in the live environment by end of this year.
The RAN infrastructure includes the base stations and antennas that connect smartphones to the mobile network, and accounts for the bulk of the cost of a new network.
Ericsson will provide the bulk of the equipment, while Huawei and Nokia will get a 20-25% each.
Lundmark took over the top job in Nokia in August after product missteps by the company saw it lag Swedish rival Ericsson and Chinese group Huawei in the race to win deals to sell 5G network equipment.
Private 5G networks remove the need for businesses to jostle for speed with others on a public network and help enable data-intensive applications that use computer vision.
"This is about creating a new business opportunity for everyone," Verizon's Chief Strategy Officer Rima Qureshi said.
Nokia said its underlying earnings in April through June rose to 0.06 euros per share from 0.05 euros a year ago, beating the 0.03 euros consensus in a Refinitiv poll.
At the end of April, Nokia's Suri told Reuters in an interview that Nokia had won a 10pc share of China Unicom's 5G core network, alongside rivals Huawei and ZTE.