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Nokia says handset business sale to Microsoft completed
April 25, 2014 / 11:24 AM / 4 years ago

Nokia says handset business sale to Microsoft completed

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.

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

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

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