Nokia awaits EC approval for NAVTEQ purchase

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The $8.1 billion (£4 billion) sale was announced in October last year. The move was said to part of Nokia’s strategy to become an internet services provider.

Nokia chief financial officer and executive vice president Rick Simonson said today: “We have engaged in an open and constructive dialogue with the Commission in order to find agreement on the acquisition of NAVTEQ.

"We have listened to the Commission’s concerns, and look forward to finding a common understanding that will enable the transaction to be closed.”

The Commission has 90 working days to make a final decision on the transaction, the completion of which is reliant on European regulatory approval. Nokia said it had received all other necessary regulatory approvals.

 

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