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Wednesday, December 29, 2010
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China Delays Nokia's Acquisition of Motorola's Public Carrier Wireless Network Infrastructure Assets
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Nokia Siemens Networks today announced that it now expects to complete its acquisition of the majority of Motorola's public carrier wireless network infrastructure assets in the first quarter of 2011.
The company had expected, at the time the transaction was originally announced on July 19, 2010, to complete closing activities by the end of 2010 but the transaction has not yet received regulatory approval from the Anti-Monopoly Bureau of the Ministry of Commerce of China, which is continuing its review process. All other necessary regulatory clearances have been obtained.
"This delay is disappointing, but we're looking forward to completing the acquisition early in the new year," said Rajeev Suri, chief executive officer of Nokia Siemens Networks. "We are continuing to work closely with the authority in China to finalize the clearance process in that country. We recognize its efforts in addressing this case as a matter of importance."
Approximately 7,500 employees are expected to transfer to Nokia Siemens Networks from Motorola's public carrier wireless network infrastructure business when the transaction closes, including large research and development sites in the United States, China and India. |
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