Yesterday the giant Finnish company Nokia announced that the deal of selling the phone business market to Microsoft Corporation is closing next month. In September 2013, Microsoft acquired the phone market of Nokia on account of this deal. The deal was delayed to start owing to various issues and regulatory approvals and was expected to close in the first quarter of the year. The deal cost €5.4bn (£4.5bn) and both parties are extremely willing to work in collaboration once again.
In the official blog of Microsoft, Brad Smith said, “The completion of this acquisition will mark the first step to bring Microsoft and the Nokia Devices and Services business together. Our acquisition will accelerate our mobile-first, cloud-first imperatives. We’re looking forward to accelerating innovation and market adoption for Windows Phones and introducing the next billion customers to Microsoft services via Nokia mobile phones.”
Nokia announced, “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.”