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Microsoft to complete acquisition of Nokia's Devices & Services business on Friday

Microsoft to complete acquisition of Nokia's Devices & Services business on Friday

By NDTV Correspondent | Updated: 22 April 2014 10:16 IST

Microsoft will complete the acquisition of Nokia's Devices & Services business on Friday. The development was confirmed by independent statements issued by the two companies on Monday.

Nokia said "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."

Last September, Nokia announced the decision to sell its handset business to Microsoft in a EUR 5.44 billion deal.

"The completion of this acquisition follows several months of planning and will mark a key step on the journey towards integration," Brad Smith, General Counsel & Executive Vice President, Legal & Corporate Affairs, Microsoft, said in a blog post on Monday.

(Also see: Nokia's phone business to be renamed Microsoft Mobile, but the 'brand' will live on).

Microsoft's statement in full:

Today we are excited to share that we have completed the steps necessary to finalize Microsoft's acquisition of the Nokia Devices and Services business. The transaction will be completed this Friday, April 25, when we'll officially welcome the Nokia Devices and Services business as part of the Microsoft family.
The completion of this acquisition follows several months of planning and will mark a key step on the journey towards integration. This acquisition will help Microsoft accelerate innovation and market adoption for Windows Phones. In addition, we look forward to introducing the next billion customers to Microsoft services via Nokia mobile phones.
As with any multinational agreement of this size, scale and complexity, our two companies have made adjustments to the original deal throughout the close preparation process. We've entered into numerous agreements to address items ranging from manufacturing to IT. These include the following:
While the original deal did not address the management of online assets, our two companies have agreed that Microsoft will manage the nokia.com 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.
We look forward to the journey ahead.

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