Finnish telecommunications group Nokia has announced the completion of the sale of its handset business to Microsoft. The deal, which was originally unveiled in September, has now cleared all regulatory hurdles.
Finnish telecom company Nokia confirmed on Friday that it had finalized the sale to Microsoft of its once iconic mobile phone business. The deal was based on an agreement reached in the fall of last year under which Microsoft was to pay $7.2 billion (5.44 billion euros) in the transaction process.
The accord was reported to consist of 3.79 billion euros for Nokia's Devices and Services divisions and 1.65 billion euros for its patents. Nokia said on Friday the value of the transfer was now slightly higher based on final adjustments.
The Finnish company said it would provide more details on the final price tag in its quarterly earnings report on April 29.
End of an era
Nokia and Microsoft cleared a last major hurdle earlier this month when China's Ministry of Commerce approved the transaction, following the go-ahead from regulators in Europe and the US.
With the completion of the sale, Nokia will now only consist of its network and infrastructure division NSN and the mapping services unit HERE.
Nokia, once the world's leading mobile phone maker, said its facilities in Chennai, India, and Masan, South Korea, would not be transferred to Microsoft. It explained that the Chennai plant was subject to an asset freeze by local tax authorities, while the Masan factory, which employs 200 people, would be closed.
hg/pfd (dpa, AFP)