Home Market Updates Microsoft purchase of Nokia unit to be completed in April 2014

Microsoft purchase of Nokia unit to be completed in April 2014

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Nokia Corporation has announced that it now expects the transaction whereby the company will sell substantially all of its devices and services business and license its patents to Microsoft to close in April 2014.[blockquote]Nokia and Microsoft continue to be confident that the transaction will close, resulting in the sale of substantially all of Nokia’s devices and services business to Microsoft, and both companies are working to close the transaction soon, Nokia says.[/blockquote]

This is against Nokia’s earlier expectation of closing the transaction in the first quarter of 2014 when the company first announced the transaction on September 3, 2013 even as both companies assured they remained committed to the transaction.

The closing of the transaction is subject to regulatory approvals and other customary closing conditions, as previously made known. Nokia and Microsoft have already received most of the required regulatory approvals, including approvals from the European Commission and the United States Department of Justice.

In addition, Nokia and Microsoft continue to make good progress related to the closing conditions and integration planning. However, the transaction is pending approvals from certain antitrust authorities in Asia which are still conducting their reviews, according to Nokia.

Nokia and Microsoft continue to be confident that the transaction will close, resulting in the sale of substantially all of Nokia’s devices and services business to Microsoft, and both companies are working to close the transaction soon, Nokia says.

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Kayode Oladeinde Technology Journalist at Technology Times. Mobile: +234 (0) 7031526929

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