Boston, MA, 02/27/2014 (usastockreport) – Nokia Corporation (ADR) (NYSE:NOK) made an announcement that by the next month the company will be able to sell all devices and Services division and related patent licenses to Microsoft Corporation (NASDAQ:MSFT). The company previously made an announcement on September 3, 2013 that in the first quarter of 2014 all the transactions will be closed. This has a value of more than $7.1 billion. Both the companies Nokia and Microsoft are committed make the transaction happen. Once the required approval and other normal closing conditions will be approved the acquisition will take place.
Most of the necessary regulatory nods, including approvals from the EU and the Department of Justice US, have been received by Nokia Corporation (ADR) (NYSE:NOK) and Microsoft Corporation (NASDAQ:MSFT). Further both companies are able to make good progress in the matter of merger planning and conditions of closings. They have discussed about the nuances of this amalgamation. But there is pending in approval from some Asian antitrust authorities who are looking at the review and efforts are being made to settle the issue.
On the Right Track
Both Nokia Corporation (ADR) (NYSE:NOK) and Microsoft Corporation (NASDAQ:MSFT) are confident that the merger will take place once all the legalities are cleared. Both are working fast and meticulously in this direction to make this a reality.
Brad Smith, Microsoft’s general counsel, said on the company website “The Official Microsoft Blog” that they are about to get the final phase of the global regulatory approval process. They are awaiting confirmation of approval in the final market.
In the meantime, Nokia has reiterated that the delay in closing the deal is not related to its ongoing Tax issues in India. As Indian Tax authority has slapped a $414 million tax claim last week and their apex court ordered Nokia to submit $571 million guarantee before its Chennai based factory is transferred to Microsoft Corporation (NASDAQ:MSFT).
Nokia Corporation (ADR) (NYSE:NOK) must work hard to close the deal by the next month though it won’t be easy for them as there are difficulties but ultimately the acquisition will be the reality.