Nokia completes handset business sale to Microsoft

Nokia completes handset business sale to Microsoft

PanARMENIAN.Net - Nokia on Friday, April 25, said the sale of its once-dominant handset business to Microsoft has been closed after the companies agreed to leave two factories in India and Korea out of the deal, according to Reuters.

The company said that it now expected the final sales price to rise slightly above the previously announced 5.44 billion euros ($7.52 billion).

Nokia said that due to an ongoing tax dispute with Indian authorities, it would operate the Chennai factory as a contract manufacturing unit for Microsoft. It also said it will close a plant in Masan, Korea, which about 200 staff.

Nokia added that its board of directors was due to meet early next week in relation to the company's strategy assessment.

A media report earlier on Friday said Nokia would outline its new strategy on Tuesday along with its first-quarter results, and that it would also nominate Rajeev Suri, the head of NSN, as the new group CEO.

 Top stories
If the companies had lost the case and damages were awarded, they could have tripled to some $9bn under U.S. antitrust laws.
11 EU interior ministers called on major Internet providers to swiftly report and remove material that could “incite hatred and terror.”
"We've checked and there's nothing wrong on our end," a Singapore-based spokesman for Google said in an email.
The app uses photos, facial recognition tech and games to help kids read emotions and communicate with other people.
Partner news