We reported some time back that Nokia may be planning to buy Panasonic’s mobile base station business. Now, today Nokia has gone ahead with announcement of the deal. The deal agreement can be concluded by September 2014 with expected closure on 1st January 2015.
Nokia Networks today announced that it has entered into a memorandum of understanding to acquire part of the wireless networks business of Panasonic System Networks Company Limited. The agreement covers Panasonic’s mobile phone (LTE/3G) wireless base station system business for mobile operators and related wireless equipment system business.
The two parties plan to conclude the agreement by the end of September 2014, with expected closure scheduled on January 1, 2015, subject to customary closing conditions, including regulatory approvals. Under the terms of the agreement, fixed assets and business contracts with Panasonic’s customers are being transferred to Nokia Networks in Japan, including Panasonic employees involved in the business.