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Home BUSINESSNokia finalizes sale of phone business to Microsoft
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Sat, 26 Apr, 2014 12:00:41 AM
FTimes- Xinhua Report, April 26
 
File Photo AFP - Lehtikuva
Finland-based mobile technology company Nokia announced on Friday that it has substantially completed the sale of its devices and services departments to Microsoft.
     
"After the final adjustments are made based on the verified closing balance sheet," Nokia expected that the total transition price would be slightly higher than the price of 5.44 billion euros (7.53 billion U.S. dollars) initially agreed last September.
     
Nokia and Microsoft have made certain adjustments, which included terms like Nokia's manufacturing facilities in Chennai, India and Masan, South Korea would not be transferred to Microsoft.
     
Due to an ongoing tax dispute in India, Nokia excluded its Chennai factory in the country from the sale, according to a press release.
     
In addition, the scope of the transaction will not include the Masan facility in Korea, as Nokia is set to close the facility which currently has approximately 200 employees.
     
However, Nokia promised to provide employees in Chennai and Masan with financial support and the chance to explore career opportunities if they lose their jobs.
     
Last autumn, five former Nokia top executives including Stephen Elop together with about 32,000 employees have been transferred to Microsoft.
     
The company plans to reveal further details of the closing of the transaction together with its first quarter results in 2014 on Tuesday.
     
Nokia announced to the sale of its devices and services business to Microsoft on Sept. 3, 2013. Nokia shareholders approved the sale on Nov. 19.  
 
 
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