Microsoft is in the process of purchasing Nokia’s smartphone business, the deal is worth $7.3 billion to Nokia, and now the company has announced that they expected the deal to be finalized in April.
Microsoft will take over Nokia’s mobile and services division, this will also give Microsoft the Lumia brand for Windows Phone devices.
Nokia today announced that it now expects the transaction whereby the company will sell substantially all of its Devices & Services business and license its patents to Microsoft to close in April 2014. This compares with Nokia’s previous expectation on the transaction closing in the first quarter of 2014, which Nokia communicated when the company first announced the transaction on September 3, 2013. Nokia and Microsoft remain committed to the transaction.
As previously communicated, the closing of the transaction is subject to regulatory approvals and other customary closing conditions. Nokia and Microsoft have already received most of the required regulatory approvals, including approvals from the European Commission and the U.S. Department of Justice. Furthermore, 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.
We are looking forward to seeing what happens to Lumia Windows Phone devices when they are produced under Microsoft.
Source Nokia
Filed Under: Technology News, Top News