Microsoft on Sunday announced that its $7.2 billion phone business acquisition deal with Nokia, which was earlier expected to close in the first quarter of the year, will now close in April this year.
Brad Smith, Microsoft general counsel, said in a blog post: “We are nearing the final stages of our global regulatory approval process – to date we have received approvals from regulatory authorities in 15 markets on five continents.”
“Currently, we are awaiting approval confirmation in the final markets. This work has been progressing, and we expect to close next month, in April 2014.”
Microsoft’s deal of acquiring Nokia’s Devices and Services business was announced last year in September. The deal got approval from The European Union and U.S. Department of Justice in December last year.
However, some regulators and antitrust authorities in Asia are still conducting their reviews and are yet to approve the deal leading to a delay in closing of the deal.
Nokia in an official statement said: “Nokia reiterates that ongoing tax proceedings in India have no bearing on the timing of the closing or the material deal terms of the anticipated transaction between Nokia and Microsoft”.
“Both companies are working diligently to close the transaction as expeditiously as possible”.
Nokia, after selling its handset division to the software giant, will be left with a network infrastructure division, its Here location and mapping unit and an intellectual property licensing division.