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Home BUSINESSNokia’s ex-CEO to get EUR 18.8 million for handing over deal
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Fri, 20 Sep, 2013 03:21:11 AM
FTimes-STT Report, September 20
Nokia CEO Stephen Elop speaks during the press conference of the Finnish mobile manufacturer Nokia in Espoo, Finland on September 3. Photo Lehtikuva.
The former Chief Executive Officer of Nokia, Stephen Elop is going to get EUR 18.8 million for making the deal of selling Nokia to Microsoft.
Microsoft will pay 70 percent of the money to Elop while Nokia will give the rest 30 percent of the total amount, Finnish language newspaper Helsinki Sanomat reported.
The amount was determined by Nokia’s share price on 6 September, three days after the deal between Nokia and the Microsoft.
The financial deal with the former Nokia CEO, however, was criticised by the investors of the Finnish stock exchange.
Mobile phone giant Nokia Corporation on Tuesday decided to sell all of its phone sets, services and patent licences to software company Microsoft for EUR 5.44 billion.
Nokia expects to book a gain on sale of approximately EUR 3.2 billion, and expects the transaction to be significantly accretive to earnings.
The transaction between the companies is expected to be completed in the first quarter of the next year after completion of approvals of the shareholders, regulatory approvals and other customary closing conditions.
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