Wednesday, 23 April 2014

Microsoft Close In On Acquisition of Nokia Devices This Week

Microsoft has confirmed the acquisition of Nokia’s mobile phone business will complete on Friday although the US technology group also revealed a few changes to the original terms of the €5.4bn deal agreed last year.

Plans for the acquisition were first announced in September 2013, and with the exception of some Asian regulatory authorities, the deal passed through other regulators in North America and Europe without issue. Microsoft said on Monday it had completed the “steps necessary to finalise” the acquisition of the Nokia’s devices and services business.

The deal is now almost four weeks behind the original timetable set out in September, when Microsoft announced its intention to buy Nokia’s mobile phone business and license its patents for €5.4bn in cash.

BrandArena reported last year Nokia’s announcement it was to sell its Devices & Services section to Microsoft, describing it as the best path forward for Nokia and its shareholders, with the deal expected to go through this month.

“The completion of this acquisition follows several months of planning and will mark a key step on the journey towards integration. This acquisition will help Microsoft accelerate innovation and market adoption for Windows Phones. In addition, we look forward to introducing the next billion customers to Microsoft services via Nokia mobile phones,” Microsoft said in a statement.

The deal has been approved by in China, South Africa, India, Brazil, the European Union, Israel, Turkey, Russia and the United States (US).

To avoid confusion, Microsoft is reportedly going to rename the Nokia Devices and Services business Microsoft Mobile. The name change was first made public in a leaked letter from Nokia to its suppliers.

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