China approves sale of Nokia handset business to Microsoft
April 08, 2014 00:00
Helsinki - Finnish telecommunications group Nokia said Tuesday it had cleared another hurdle in its sale of its handset business to US software giant Microsoft after securing approval from Chinese authorities.
Following the European Commission and the US Justice Department, China's Ministry of Commerce becomes the latest regulator to approve the 5.44-billion-euro (7.2-billion-dollar) deal unveiled in September.
Nokia said it expected the deal to be completed this month.
It consists of 3.79 billion euros for Nokia's devices and services divisions and 1.65 billion euros for its patents.
Nokia was the world's leading mobile phone maker until smartphones from Apple as well as companies using Google's Android operating system overtook it.
Upon completion of the sale, Nokia will consist of the network infrastructure and services division NSN and the mapping services unit HERE.
Nokia's share price rose 2.8 per cent on the news on the Helsinkibourse.