Handset business deal with Microsoft Corporation may close by month end: Nokia

Apr 19 2014, 19:14 IST
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Nokia said it expects $7.2 bn deal with Microsoft for sale of its mobile devices and services business to complete by the end of this month. Reuters Nokia said it expects $7.2 bn deal with Microsoft for sale of its mobile devices and services business to complete by the end of this month. Reuters
SummaryNokia had announced it would sell a substantial part of its D&S business to Microsoft Corporation.

Finnish handset major Nokia today said it expects USD 7.2 billion deal with Microsoft Corporation for sale of its mobile devices and services business to complete by the end of this month.

"Nokia currently expects to complete the sale of its Devices & Services business to Microsoft Corporation in April 2014," Nokia's Vice President for Chief Ethics and Compliance Officer Chad Fentress and Microsoft's Chief Privacy Officer Brendon Lynch said in a joint notice to consumers today.

Last September, Nokia had announced it would sell a substantial part of its devices and services (D&S) business, including assets in India, to Microsoft Corporation for USD 7.2 billion by March 2014.

The handset and other asset components under the deal will be handed over to Microsoft's Finnish entity Microsoft Mobile Oy.

Nokia is entangled in tax dispute with Indian authorities over its Chennai handset manufacturing plant which employs about 6,600 people.

The company has often indicated that transfer of Chennai plant with over all Nokia handset business may be adversely impacted if the dispute remains unresolved.

Recently the company offered voluntary retirement scheme to its employees in Chennai and about 700 employees till date are learnt to have opted for it. Nokia India spokesperson, however, declined to confirm the number.

The notice was issued by both the companies to assure consumers that data protection and privacy would be maintained under Microsoft as was done by Nokia.

"Microsoft Corporation cares deeply about your privacy and the protection of your personal data and will continue to collect and use your personal data in the same ways and for the same reasons as Nokia, and you should experience no difference as a result of the sale," the notice said.

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