Entries with tag corporate acquistions and mergers.

EU Approves Microsoft-Nokia Deal

European Union antitrust regulators announced they have unconditionally approved Microsoft’s $7.3 billion acquisition of the Nokia mobile device division. The European Commission said the transaction raises no competition concerns. The deal was previously approved by Nokia shareholders and the US government. (Reuters)(Tech Crunch)

Nokia Shareholders Approve Sale of Mobile Unit to Microsoft

Nokia Oyj shareholders voted overwhelmingly in favor of selling the company’s mobile-phone unit to be sold to Microsoft. The €5.44 billion (about $7.4 billion) deal—slated for completion in early 2014—will let Nokia focus on its network-related product offerings. It once had more than 50 percent of the mobile-phone market. However, despite recent increased smartphone sales, its device sales now significantly lag behind those of Samsung Electronics and Apple. Nokia CEO Stephen Elop, a former Microsoft executive who will return to the company under the terms of the deal, will reportedly earn more than $25 million from the sale. Elop is considered a leading contender to replace retiring Microsoft CEO Steven Ballmer. (SlashDot)(Neowin)(Bloomberg)

Microsoft Buys Nokia Handset Division, Licenses Patent Portfolio

Microsoft has purchased Nokia’s handset division for $7.2 billion dollars. The deal also gives Microsoft a long-term license to use the Finnish company’s patent portfolio. It is designed to give the software giant the ability to compete in the handset market with Apple and Google. Microsoft paid about $5 billion for Nokia’s Lumia and Asha handset brands and services; and $2.18 billion for the licensing rights, according to the New York Times. This leaves Nokia with its location and services operation, Nokia Siemens Networks, and its technology development and licensing arm. As part of the deal, 32,000 Nokia employees—including CEO Stephen Elop—will join Microsoft. Industry observers say he is now a leading contender to replace Microsoft CEO Steve Ballmer when he retires during the next 12 months. (The Guardian)(Reuters @ the Chicago Tribune)(The New York Times) 

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