Nokia Expects To Close Devices And Services Division Sale To Microsoft On April 25, 2014

Nokia today announced that they are expecting to close the sale of device and services division to Microsoft on April 25th.

Espoo, Finland – Nokia today announced that it expects the transaction whereby the company will sell substantially all of its Devices & Services business to Microsoft to close on April 25, 2014. The transaction is now subject only to certain customary closing conditions.

The transaction was originally announced on September 3, 2013.

Also, there are few adjustments made in the deal which are listed below,

· While the original deal did not address the management of online assets, our two companies have agreed that Microsoft will manage the domain and social media sites for the benefit of both companies and our customers for up to a year.

· The original deal had all employees in Nokia’s Chief Technology Office continuing with Nokia. We’ve adjusted the agreement so the 21 employees in China working on mobile phones will join Microsoft and continue their work.

· The original deal had Microsoft acquiring Nokia’s Korean manufacturing facility. The agreement was adjusted and Microsoft will not acquire the facility.

Source: Nokia, Microsoft