Nokia, Microsoft close $7.5 bln Cellphone deal

Nokia, Microsoft close $7.5 bln Cell Phone deal

Nokia, Microsoft close $7.5 bln Cell Phone deal

Nokia said it has completed the 5.44 billion-euro ($7.5 billion) sale of its troubled cellphone and services division to Microsoft Corp., ending a chapter in the former world leading cellphone maker’s history that began with paper making in 1865.
The closure of the deal, which includes a license to a portfolio of Nokia patents to Microsoft Corp., follows delays in global regulatory approvals, and ends the production of mobile phones by the Finnish company, which had led the field for more than a decade, peaking with a 40-percent global market share in 2008.
Nokia said the total transaction price would be “slightly higher” than when it was originally announced on Sept. 3 because of adjustments made for net working capital and cash earnings.
The company will now focus on networks, mapping services and technology development and licenses, and said it will give more details of the deal and future plans when it releases first-quarter earnings on April 29 — the last report to include the ailing devices and services division.

Posted on Apr 25 2014. Filed under Business, Headlines. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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