by Anton Shilov
11/19/2013 | 11:00 PM
The extraordinary general meeting of Nokia Corp. held on November 19, 2013 decided to confirm and approve the sale of substantially all of Nokia's devices and 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. 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," said Risto Siilasmaa, chairman and interim CEO of Nokia.
Microsoft Corp.and Nokia Corp. announced is early September that the boards of directors for both companies have decided to enter into a transaction whereby Microsoft will purchase substantially all of Nokia’s devices & services business, license Nokia’s patents, and license and use Nokia’s mapping services. Under the terms of the agreement, Microsoft will pay €3.79 billion ($4.996 billion) to purchase substantially all of Nokia’s devices & Services business, and €1.65 billion ($2.1745 billion) to license Nokia’s patents, for a total transaction price of €5.44 billion ($7.1691 billion) in cash.
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.