Microsoft to Complete Nokia Takeover in April 2014
The software giant has provided an update on how negotiations are going
Microsoft has finally provided an update on the way the regulatory process for the Nokia takeover goes, revealing that the final signature should be given next month and thus complete the acquisition.In a statement published on Sunday, Brad Smith, general counsel & executive vice president, Legal & Corporate Affairs, Microsoft, says that the Redmond-based software giant is now receiving the approval in the final markets, which means that the deal could get the go-ahead in the coming weeks.
Microsoft announced the Nokia takeover in September 2013, saying that the purchase should complete in early 2014. However, the company experienced some difficulties in a number of countries, including India and China, where local officials have been asked to look into the deal and impose restrictions to make sure that Microsoft’s Nokia takeover won’t affect competition.
Brad Smith says that Microsoft has already received the green light from 15 regulatory bodies and the deal can go through on five different continents.
“We wanted to provide a brief update on the status of the regulatory process for approval of Microsoft’s acquisition of the Nokia Devices and Services business. We are nearing the final stages of our global regulatory approval process – to date we have received approvals from regulatory authorities in 15 markets on five continents,” he said.
“Currently, we are awaiting approval confirmation in the final markets. This work has been progressing, and we expect to close next month, in April 2014.”
Smith has also explained that the takeover would allow Microsoft to continue its migration towards devices and services, as the Redmond-based company is working to put the focus on something else besides software.
“The completion of this acquisition will mark the first step to bring Microsoft and the Nokia Devices and Services business together. Our acquisition will accelerate our mobile-first, cloud-first imperatives. We’re looking forward to accelerating innovation and market adoption for Windows Phones and introducing the next billion customers to Microsoft services via Nokia mobile phones,” Smith explained.
The $7.54 billion (€5.44 billion) deal between Microsoft and Nokia faced some problems in China where both Samsung and Google have asked regulatory bodies to look into the agreement and make sure that Redmond won’t try to sell technologies developed by the Finnish mobile phone maker at a higher price.
The acquisition, on the other hand, received the OK from the European Union and the United States Justice Department a few months ago, so the deal can go through in two of the largest mobile phone markets in the world.