Nokia 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 – rather than during the current quarter, as initially thought.
The two companies remain committed to the transaction, Nokia says in a statement issued yesterday.
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 US Department of Justice. In addition, the companies continue to make good progress related to the closing conditions and integration planning, Nokia states.
However, the transaction is pending approvals from certain antitrust authorities in Asia, which are still conducting their reviews.
According to the statement, 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 diligently to close the transaction as expeditiously as possible.
The companies announced on 3 September 2013 that Microsoft would buy most of Nokia’s Devices & Services business, license Nokia’s patents, and license and use Nokia’s mapping services.
Under the terms of the agreement, Microsoft will pay EUR 3,79-billion to purchase substantially all of Nokia’s Devices & Services business, and €1,65-billion to license Nokia’s patents, for a total transaction price of €5,44-billion in cash.
