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Nokia-Microsoft deal will now be closed in April, says Nokia. China’s approval likely reason.

 

MS NokiaIn a bit surprising but not unexpected turn of events, Nokia has released a press statement saying that the Nokia-Microsoft deal which involves the Nokia’s Deceives and Services division will now be closed in April.

It seems Nokia has not yet been able to secure the approval from China, as the press statement cites the reason of this delay as “However, the transaction is pending approvals from certain antitrust authorities in Asia which are still conducting their reviews.”

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.

Nokia and Microsoft continue to be confident that the transaction will close, resulting in the sale of substantially all of Nokia’s Devices & Services business to Microsoft, and both companies are working diligently to close the transaction as expeditiously as possible.

Nokia reiterates 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.

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Nayan

Nayan has more than 10 years of experience of covering Technology and innovations. He is a big Nokia fan and Tech disruptions aficionado. He loves to review new cool gadgets and writing about Android, iOS, Gadgets and general Technology stuff. He has been associated with other well-known Tech sites WinCentral and GadgetOx since long.

He currently sports a Lumia 950 XL and Nexus 5X. Other interests include listening to Nu-Metal Hits and Kick-Boxing.
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