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-   -   Microsoft, Nokia expect $7.2B acquisition to complete in April (http://forums.macnn.com/113/tech-news/509152/microsoft-nokia-expect-7-2b-acquisition/)

 
NewsPoster Mar 24, 2014 07:19 AM
Microsoft, Nokia expect $7.2B acquisition to complete in April
The acquisition of Nokia's mobile phone business by Microsoft will take longer than previously thought, with both companies expecting to complete the <a href="http://macnn.com/rd/306546==http://www.electronista.com/articles/13/09/03/microsoft.makes.big.step.into.mobile.with.nokia.bu y/" rel='nofollow'>$7.2 billion</a> sale in April. While the deal has received regulatory approval in the <a href="http://macnn.com/rd/306547==http://www.electronista.com/articles/13/12/02/doj.approval.effectively.leaves.european.regulator s.as.last.major.acquisitions.hurdle/" rel='nofollow'>United States</a> and <ahref="http://www.electronista.com/articles/13/12/04/european.commission.finds.minimal.overlap.between. microsoft.nokia/">Europe</a>, pending approvals from "certain antitrust authorities in Asia" are causing the delay in closing the purchase. <br />
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<div align='center'><img class='mobile-img' src='http://photos.macnn.com/article_images/1395655885-md-nokia_lumia_icon_white_group_2.png' width='591' height='415' alt='Nokia Lumia Icon' border='0' pagespeed_url_hash="1520507265"/><br/><span class='minor2'>Nokia Lumia Icon</span></div><br />
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Brad Smith, General Counsel and Executive Vice President for Legal and Corporate Affairs at Microsoft, <a href="http://macnn.com/rd/306548==http://blogs.technet.com/b/microsoft_blog/archive/2014/03/23/an-update-on-nokia-devices-and-services-acquisition.aspx" rel='nofollow'>advises</a> that authorities from 15 markets on five continents have given the all-clear to the purchase. In the same post, Smith states the acquisition "will accelerate our mobile-first, cloud-first imperatives," as well as using the new resources to bring Windows Phone to more customers. <br />
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While the deal remains in regulatory limbo, Nokia is keen to <a href="http://macnn.com/rd/306549==http://www.electronista.com/articles/14/02/14/new.conditions.in.india.high.court.appealed.should .not.affect.purchase/" rel='nofollow'>reiterate</a> in its <a href="http://macnn.com/rd/306550==http://press.nokia.com/2014/03/24/nokia-expects-the-sale-of-substantially-all-of-its-devices-services-business-to-microsoft-to-close-in-april-2014/" rel='nofollow'>statement</a> that the tax issues in India will "have no bearing on the timing of the closing or the material deal terms." Tax authorities in the country claim Nokia owes around <a href="http://macnn.com/rd/306551==http://www.electronista.com/articles/13/12/10/chennai.plant.seized.by.tax.authority.nokia.offers .deposit.to.release.assets/" rel='nofollow'>$3.4 billion</a>, and have previously taken the step of <a href="http://macnn.com/rd/306552==http://www.electronista.com/articles/13/01/08/team.of.20.officials.raid.factory.operations.conti nue.unhindered/" rel='nofollow'>raiding</a> the company's Chennai factory, a facility that is set to be transferred as part of Microsoft's acquisition.
 
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