Microsoft’s Nokia acquisition set for April completionMarch 25 - 10am
Microsoft has moved one step closer to completing its acquisition of mobile manufacturer Nokia, as the company completes final procedures of the deal.
Announced to the press this week, Brad Smith, General Counsel & Executive Vice President, Legal & Corporate Affairs, Microsoft provided a brief update on the status of the regulatory process for the approval, set to be finalised next month.
“We are nearing the final stages of our global regulatory approval process – to date we have received approvals from regulatory authorities in 15 markets on five continents,” Smith said.
“Currently, we are awaiting approval confirmation in the final markets. This work has been progressing, and we expect to close next month, in April 2014.”
According to Smith, 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,” he added.
“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.
“In the interim, our top priority continues to be maintaining a great experience for consumers and business continuity for our partners.
“We remain as excited as ever to welcome the Nokia Devices and Services business officially as part of the Microsoft family.”
Microsoft initially announced its attention to acquire all of Nokia’s Devices & Services business in September last year, in a deal which will include licensing its patents and usinf the company’s mapping services.
Under the terms of the agreement, the software giant will pay EUR 3.79 billion to purchase Nokia’s Devices & Services business, and EUR 1.65 billion to license Nokia’s patents, for a total transaction price of EUR 5.44 billion in cash.