Nokia says handset business sale to Microsoft completed

HELSINKI Fri Apr 25, 2014 5:30pm IST

A photo illustration of men silhouetted against a Nokia logo in the central Bosnian town of Zenica January 23, 2014.       REUTERS/Dado Ruvic/Files

A photo illustration of men silhouetted against a Nokia logo in the central Bosnian town of Zenica January 23, 2014.

Credit: Reuters/Dado Ruvic/Files

Related Topics

Stocks

   

HELSINKI (Reuters) - Nokia on Friday said the sale of its once-dominant handset business to Microsoft has been closed after the companies agreed to leave two factories in India and Korea out of the deal.

The company said that it now expected the final sales price to rise slightly above the previously announced 5.44 billion euros ($7.52 billion).

Nokia said that due to an ongoing tax dispute with Indian authorities, it would operate the Chennai factory as a contract manufacturing unit for Microsoft.

It also said it will close a plant in Masan, Korea, which about 200 staff.

Nokia added its board of directors was due to meet early next week in relation to the company's strategy assessment.

A media report earlier on Friday said Nokia would outline its new strategy on Tuesday along with its first-quarter results, and that it would also nominate Rajeev Suri, the head of NSN, as the new group CEO.

($1 = 0.7236 Euros)

(Reporting By Jussi Rosendahl)

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

REUTERS SHOWCASE

Coal Block Allocation

Coal Block Allocation

Government urges Supreme Court to not cancel some 'illegal' coal mines  Full Article 

Modi in Japan

Modi in Japan

Japan and India agree to boost strategic ties at summit  Full Article 

Basel III Norms

Basel III Norms

RBI amends Basel III guidelines for banks  Full Article 

HSBC PMI

HSBC PMI

Factory activity expands at slower clip in August.  Full Article 

Current Account

Current Account

Balance of payments surplus for third straight quarter  Full Article 

India Infrastructure

India Infrastructure

RBI rule handicaps India's infrastructure hopes  Full Article 

Book Talk

Book Talk

Reema Abbasi and a glimpse of Pakistan’s Hindu past  Full Article 

China Economy

China Economy

Retreat in China's PMIs heightens calls for policy easing.  Full Article 

Managing Share Sales

Managing Share Sales

Govt seeks bids from banks to manage PFC, REC share sales   Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device.  Full Coverage