Microsoft's buyout of Nokia Devices and Services to finalise on 25 April, but with deal changes
Microsoft announced last autumn that it entered an agreement to acquire Nokia's Devices and Services arm. That transaction is now set to finalise on 25 April, according to the company.
"The completion of this acquisition follows several months of planning and will mark a key step on the journey towards," said Brad Smith, General Counsel and Executive Vice President of Legal & Corporate Affairs at Microsoft, in a statement. "This acquisition will help Microsoft accelerate innovation and market adoption for Windows Phones."
Smith noted however that the original buyout agreement between from September has been amended recently to include more items ranging from manufacturing to IT. The final version of the deal, for instance, now has Microsoft managing the Nokia.com domain and related social media websites for up to a year.
Microsoft will also acquire Nokia’s Chief Technology Office, which includes 21 employees in China, and that team will continue work on mobile phones while at Microsoft. And finally, Microsoft is no longer buying Nokia’s Korean manufacturing facility. The new buyout agreement, which will close in just a few days, was adjusted to reflect all of these changes.
In March, Microsoft revealed that its acquisition of Nokia had been delayed due to the "regulatory process for approval". The Redmond-based firm had received approval for the purchase of Nokia's Devices and Services business from 15 markets on five continents, but it still required more to complete. It now appears all hurdles were conquered.
The former CEO of Nokia, Stephen Elop, can therefore assume his role as head of Microsoft's Devices and Studios division when the acquisition finally finishes later this month.