Nokia Expects a Delay in Completing the Handset Division Sale to Microsoft
Published on: 24th Mar 2014
By: Ian Mansfield
Nokia has confirmed that it expects a delay in completing the agreement to sell its handsets division to Microsoft.
The deal was due to be completed by the end of this month, but may now not take place until next month.
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.
Nokia also reiterated that ongoing tax proceedings in India have no bearing on the timing of the closing or the material deal terms of the anticipated transaction between Nokia and Microsoft.