The monster deal involving the sale of Nokia’s Devices & Services division to Microsoft will close in April 2014, the Finnish company announced today. Previously expected to finalize in the first quarter, the $7.2 billion deal has finally gotten the blessing of European regulatory authorities though the approval of Asian bodies are still pending.
Nokia said in a press release that both companies remain committed to the transaction and make good progress related to closing conditions. It also says the tax problems arisen in India upon the closure of a Nokia plant previously included in the deal had no effect on the delay.
The transaction was made public first time on the 3rd of September 2013, when both companies also predicted the full transfer of assets per the deal to finalize in the first quarter of this year once all regulatory approvals around the world are obtained. Microsoft said in a press update that they have now the approval in 15 major markets and hoping to get the final ones soon. According to Nokia, these ‘final ones’ are ‘certain antitrust authorities in Asia which are still conducting their reviews.”
Authorities in the European Union and the US have apparently seen no problem with the deal as they approved the transition relatively fast.
Once the largest mobile phone maker in the world, Nokia has failed significantly in last 5 years to catch up with unapologetically innovative rivals and finally chose to sell its mobile business to Microsoft, who, on its part, needed a hardware manufacturer.