Nokia shareholders approve sale of handset business

News Wireless Global 20 NOV 2013
Nokia shareholders approve sale of handset business
Shareholders of Nokia have approved the company's planned sale of its mobile handset business to Microsoft. Nokia said over 99 percent of votes at the extraordinary meeting approved the sale. The transaction is expected to close in the first quarter of 2014, subject to regulatory approvals and other customary closing conditions. 

Originally announced in September, the sale will see Microsoft acquire the Nokia Devices & Services division for EUR 3.79 billion. In addition it will pay EUR 1.65 billion to license Nokia's patents, bringing the total value of the deal to EUR 5.44 billion in cash. 

Categories:

Mobile

Companies:

Nokia,  Microsoft

Regions:

Global

Tags:

Wholesale, Handsets, M&A buyouts & divestments

Related Articles

GLOBAL 25 APR 2014

Microsoft completes acquisition of Nokia phone business

Nokia has completed the sale of substantially all of its mobile phones business to Microsoft. The transaction, which also includes an agreement to license patents to Microsoft, was first announced in September 2013. At closing, the price was adjusted somewhat in Nokia's favour and is expected to be slightly higher than the earlier-announced EUR 5.44 billion, Nokia said. The final deal also excludes Nokia's manufacturing facilities in Chennai in India and Masan in Korea. The Indian site remains subject to a

GLOBAL 8 APR 2014

China clears Nokia handsets sale to Microsoft

Nokia announced that the planned sale of its mobile phone business to Microsoft has received regulatory clearance in China. This was the final major country to approve the deal and the last condition to completing the acquisition. Nokia and Microsoft expect the transaction to close this month as a result. Nokia noted that the regulatory approval process involved a "thorough review" of its patent licensing practices by several competition authorities around the world. During that process, no authority challe

CHINA 3 MRT 2014

Google, Samsung want conditions on Microsoft-Nokia - report

Google and Samsung have joined Chinese mobile phone makers in expressing concern to Chinese authorities that Microsof's bid to take over Nokia's phone business may result in higher patent licensing fees, two government officials familiar with the matter told Bloomberg. Google and Samsung asked China's Ministry of Commerce to make sure that the acquisition doesn't result in higher fees on wireless technology patents that will remain with Nokia, the two officials said. They're also concerned Microsoft will ga

GLOBAL 23 JAN 2014

Nokia results down sharply in Q4, handset losses continue

Nokia reported a double-digit drop in sales and profits from its continuing activities in the fourth quarter, while its handset business to be sold to Microsoft also remained in the red. The continuing operations, which include the network equipment business NSN, navigation service Here and IP licensing through the Advanced Technologies unit, recorded revenues of EUR 3.476 billion, down 21 percent from a year earlier. Adjusted operating profit fell 39 percent to EUR 408 million, and EPS declined 17 percent

EUROPE 5 DEC 2013

EC clears sale of Nokia devices business to Microsoft

The European Commission (EC) has cleared the proposed acquisition of Nokia's devices and services business by Microsoft. The EC concluded that the deal would not raise any competition concerns, in particular because there are only modest overlaps between their activities. It decided that the links between Microsoft's mobile operating systems, mobile applications and enterprise mail server software with Nokia's smart mobile devices are unlikely to lead to rivals being shut out from the market. The EC assesse

GLOBAL 3 DEC 2013

US Justice Department clears Microsoft, Nokia deal

Microsoft said that the US Justice Department has unconditionally approved its USD 7.2 billion takeover of Nokia's mobile handset and services business, reports the New York Times. Microsoft said it was pleased with the approval and was looking forward to Nokia becoming part of the Microsoft family. The deal has also been approved by regulators in India, Russia, Israel and Turkey, with Microsoft still needing approval from the EU. Microsoft still expects the deal to be completed in Q1 2014.

EUROPE 25 NOV 2013

EC set to clear Microsoft takeover of Nokia phones - report

Microsoft is set to secure unconditional EU regulatory approval for its proposed takeover of Nokia's mobile phone business, two people familiar with the matter told Reuters. The deal was first announced in September for EUR 5.4 billion, plus a 10-year licensing agreement to license Nokia's patent portfolio. "The (European) Commission is expected to clear the deal without conditions," one of the people said. The European Commission has set a 04 December deadline for its decision. Commission spokesman for com

GLOBAL 6 NOV 2013

Microsoft shortens list of CEO candidates - report

Microsoft's list of external candidates to replace Chief Executive Steve Ballmer has shrunk to about five people, including Ford Motor chief Alan Mulally and former Nokia CEO Stephen Elop, according to sources familiar with the matter, reported Reuters. In addition to the external candidates, the company also has at least three internal candidates in the running, including former Skype CEO Tony Bates, currently responsible for Microsoft's business development, and Satya Nadella, the company's cloud and ente

GLOBAL 4 OKT 2013

Microsoft asks HTC to add Windows to Android phones - report

Microsoft is talking to HTC about adding its Windows operating system to HTC's Android-based smartphones at little or no cost, people with knowledge of the matter told Bloomberg. Terry Myerson, head of Microsoft's operating systems unit, asked HTC last month to load Windows Phone as a second option on handsets with Google's rival software. Myerson discussed cutting or eliminating the Windows licence fee to make the idea more attractive, the report said. The talks are preliminary and no decision has been mad

FINLAND 23 SEP 2013

Anger grows over Nokia CEO pay-off

Finnish politicians have criticised Nokia's proposed EUR 18.8 million pay-off for outgoing CEO Stephen Elop, reports the Financial Times. Prime Minister Jyrki Katainen told Finnish TV that such bonuses could not be justified in the current economic climate, describing the pay-off as 'quite outrageous'. Finance Minister Jutta Urpilainen wrote on her blog that the pay-off could undermine trust and threaten social harmony. The intervention of the government is a significant sign of the anger in Finland about t

GLOBAL 20 SEP 2013

Elop to get EUR 18.8 mln pay-off for leaving Nokia

Stephen Elop will receive a EUR 18.8 million pay-off to move from Nokia to Microsoft, reports the Financial Times. This comes three years after he received USD 6.2 million for moving from Microsoft to Nokia. Elop stepped down as Nokia CEO earlier in September to become head of Microsoft's device business. The size of the bonus could stoke anger over the sale of Nokia's mobile phone business to Microsoft. Nokia said that 70 percent of Elop's pay would be covered by Microsoft with the remainder covered by the

GLOBAL 9 SEP 2013

Nokia draws down on Microsoft financing

Nokia said it has decided to draw down on the EUR 1.5 billion financing option set forth in the recent deal inked with Microsoft. Microsoft agreed to acquire the mobile phone business of Nokia for EUR 3.79 billion, and pay an additional EUR 1.65 billion to license Nokia patents. The EUR 1.5 billion financing was also part of the acquisition, to take place as three EUR 500 million tranches of convertible notes. Nokia intends to use the proceeds to prepay financing raised for the acquisition of the shares in

GLOBAL 3 SEP 2013

Nokia to sell mobile phone business to Microsoft

Microsoft has agreed to acquire the mobile phone business of Nokia for EUR 3.79 billion. In addition it will pay EUR 1.65 billion to license Nokia's patents, bringing the total value of the deal to EUR 5.44 billion in cash. The takeover follows Nokia's decision in early 2011 to adopt Microsoft's Windows software for its smartphones. Microsoft said the takeover will allow it to accelerate the growth in Windows and expand its share of the mobile phone market, through faster innovation, increased synergies, an

Just In

16:42

SLT-Mobitel launches 5G network in Sri Lanka

16:19

Dialog Axiata launches 5G network, connects 1.5 million subscribers

15:56

UK govt to ban AI-enabled nudification apps to protect women, girls

15:42

3 UK launches last-minute Christmas sale

Commentary

13:56

Video market set for slower growth ahead

11:38

Netflix buys Warner Bros to deepen content catalogue

11:11

KPN's mixed performance in Q3 raises questions for strategy day

15:26

Stock markets breaking records but what happened to Odido's IPO plans?

Background

01:04

The week in telecom: Wi-Fi bolt-ons take off to boost broadband growth, video market works on consolidation

01:39

The week in telecom: Netflix wins bidding for Warner Bros, Apple poaches new execs, Samsung debuts trifold

13:51

Proximus vs. Telenet: Proximus performs better in Q3 while Telenet uses up cash

14:16

Proximus Domestic still struggling with low margins

Complete profile

Before downloading the whitepaper, we would like to ask you to complete your profile with company and position. After confirming you will receive the white paper.