Nokia Shareholders has approved the Microsoft-Nokia deal worth $7.35 billion which was announced few months back. As a result, Nokia’s Devices and Services business will be now part of Microsoft. Even though there were lots of opposing parties in the past for this deal, about 99.7 percent of the shareholders approved the deal. This shows that most of the shareholders understand that Nokia is in financial trouble and they cannot continue to operate with the loss making devices and services division.
For Microsoft, this approval is like crossing another hurdle. Microsoft and Nokia are working in several countries where Nokia is operating to get approvals from the respective governments. The deal is expected to close by early 2014.
Update: Find the press release after the break.
Espoo, Finland -The Extraordinary General Meeting of Nokia Corporation held on November 19, 2013 (“EGM”) decided to confirm and approve the sale of substantially all of Nokia’s Devices & Services business to Microsoft in line with the proposal and recommendation of the Nokia Board of Directors. More than 99 % of the votes cast at the EGM were in favor of this proposal.
“This is a significant step forward for Nokia. We are delighted that shareholders have given us overwhelmingly strong support to proceed with this transformative agreement,” said Nokia Board Chairman and interim CEO, Risto Siilasmaa. “Today’s vote brings us closer to completing a transaction which will mark the beginning of the next chapter in Nokia’s near 150-year history, offering the potential of greater value for shareholders,” he said.
The transaction is expected to close in the first quarter of 2014, subject to regulatory approvals and other customary closing conditions. The transaction was originally announced on September 3, 2013. Further information on the transaction has been included in Nokia’s releases concerning the transaction and the EGM dated September 3, September 19 and October 14, 2013 as well as the proxy materials that were made available ahead of the EGM.