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Last 7 Days News : SU MO TU WE TH FR SA All News

Monday, April 21, 2014
Nokia Devices and Services Acquisition Expected to Close This Week

Nokia said on Monday it expects the sale of its handset business to Microsoft to be finalized on April 25, as it had received all the required regulatory approvals.

The 5.4 billion euro ($7.5 billion) deal, which was agreed in September, had been delayed due to pending approvals, but earlier this month the companies won a crucial nod from Chinese regulators.

According to Brad Smith, General Counsel & Executive Vice President, Legal & Corporate Affairs, Microsoft, the transaction will be completed this Friday, April 25.

As with any multinational agreement of this size and complexity, Microsoft and Nokia have made adjustments to the original deal. These include the following:

- While the original deal did not address the management of online assets, the two companies have agreed that Microsoft will manage the domain and social media sites for up to a year.

- The original deal had all employees in Nokia's Chief Technology Office continuing with Nokia. The companies adjusted the agreement so the 21 employees in China working on mobile phones will join Microsoft and continue their work.

- The original deal had Microsoft acquiring Nokia's Korean manufacturing facility. The agreement was adjusted and Microsoft will not acquire the facility.

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