Microsoft Set To Complete Acquisition Of Nokia's Handset Unit On April 25

(RTTNews) - Software giant Microsoft Corp. (MSFT) revealed on its official blog that its acquisition of substantially all of the devices & services business of handset maker Nokia Corp. (NOK) is set to close on Friday, April 25. The deal was agreed upon on September 3, 2013, and was originally expected to close in the first quarter of 2014.

"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," wrote Brad Smith, General Counsel & Executive Vice President, Legal & Corporate Affairs, Microsoft.

Smith added that the deal will help Microsoft accelerate innovation and market adoption for Windows Phones, as well as help introduce the next billion customers to Microsoft services via Nokia mobile phones.

Nokia also confirmed the closure date in a separate press release. Nokia noted that the deal is now "subject only to certain customary closing conditions."

The deal received regulatory approval from the Ministry of Commerce of the People's Republic of China on April 8. Earlier, it received regulatory approvals from the European Commission, the U.S. Department of Justice and numerous other jurisdiction.

The regulatory approval process has involved a thorough review of Nokia's patent licensing practices by several competition authorities around the world.

Redmond, Washington-based Microsoft, the world's largest software maker, agreed in early September 2013 to buy the handset unit of Nokia in a deal valued at 5.44 billion euros, or $7.18 billion, in cash.

The deal includes the mobile phones and smart devices business units as well as the design team of Nokia. Operations including related production facilities, sales and marketing activities, and support functions will also be bought.

Under the terms of the agreement, the software giant is paying 3.79 billion euros to buy substantially all of Nokia's Devices & Services business, and 1.65 billion euros to license Nokia's patents.

In Monday's regular trading session, MSFT is currently trading at $39.89, down $0.12 or 0.30% on a volume of 5.43 million shares, and NOK is trading at $7.32, down $0.02 or 0.27% on a volume of 4.73 million shares.