Microsoft has officially announced that its $7 billion acquisition of Nokia’s phone business will finally close this Friday, April 25, after regulatory delays slowed the deal.
Details of the Announcement Below:
Today we are excited to share that we have completed the steps necessary to finalize Microsoft’s acquisition of the Nokia Devices and Services business. The transaction will be completed this Friday, April 25, when we’ll officially welcome the Nokia Devices and Services business as part of the Microsoft family.
The completion of this acquisition follows several months of planning and will mark a key step on the journey towards integration. This acquisition will help Microsoft accelerate innovation and market adoption for Windows Phones. In addition, we look forward to introducing the next billion customers to Microsoft services via Nokia mobile phones.
As with any multinational agreement of this size, scale and complexity, our two companies have made adjustments to the original deal throughout the close preparation process. We’ve entered into numerous agreements to address items ranging from manufacturing to IT. These include the following:
· While the original deal did not address the management of online assets, our two companies have agreed that Microsoft will manage the nokia.com domain and social media sites for the benefit of both companies and our customers for up to a year.
· The original deal had all employees in Nokia’s Chief Technology Office continuing with Nokia. We’ve adjusted the agreement so the 21 employees in China working on mobile phones will join Microsoft and continue their work.
· The original deal had Microsoft acquiring Nokia’s Korean manufacturing facility. The agreement was adjusted and Microsoft will not acquire the facility.
We look forward to the journey ahead.