Regulatory approval granted and deal agreed in September is completed
Microsoft has completed its purchase of Nokia’s Devices and Services business for more than £4.5 billion.
The deal was held up due to regulatory approval in certain Asian territories which have all now been granted.
The deal will be ‘slightly higher’ than the agreed purchase price because the Finnish handset manufacturer beat estimates of net working capital and cash earnings, set out at the time the purchase was agreed last September,
Nokia also announced that 200 jobs would be lost at its plant in Masan, Korea which will not be included in the transaction. Its Chennai plant is also subject to an asset freeze by the Indian government and is also excluded from the deal. Nokia says it will offer financial assistance to affected employees.
All Nokia senior management from the Nokia’s Devices’ business, including former group CEO and current executive vice president Stephen Elop, as well as executive vice president in charge of smart devices Jo Harlow are now Microsoft employees.