Nokia Networks announced that it has entered into a memorandum of understanding to acquire part of the wireless networks business of Panasonic. The agreement covers Panasonic's mobile (LTE/3G) wireless base station system business and related wireless equipment. The companies aim to conclude the agreement by the end of September and complete the transfer from 01 January 2015, subject to 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. Nokia said the takeover will improve efficiency and quality control for product development and R&D, as well as strengthen its market share in Japan. No financial details of the takeover were released.
