by Anton Shilov
03/24/2014 | 03:00 PM
Nokia Corp. has announced that it now expects the transaction whereby the company will sell substantially all of its devices and services business and license its patents to Microsoft to close in April 2014. This compares with Nokia's previous expectation on the transaction closing in the first quarter of 2014.
As previously revealed, the closing of the transaction is subject to regulatory approvals and other customary closing conditions. Nokia and Microsoft have already received most of the required regulatory approvals, including approvals from the European Commission and the U.S. Department of Justice. Furthermore, Nokia and Microsoft continue to make good progress related to the closing conditions and integration planning. However, the transaction is pending approvals from certain antitrust authorities in Asia which are still conducting their reviews.
According to unofficial reports, a number of Microsoft partners have requested antitrust organizations in Asia to investigate whether the right to use Nokia patents can get more expensive once Microsoft acquires them.
Nokia and Microsoft continue to be confident that the transaction will close, resulting in the sale of substantially all of Nokia's handset and services business to Microsoft, and both companies are working diligently to close the transaction as expeditiously as possible.