×
Home Companies Industry Politics Money Opinion LoungeMultimedia Science Education Sports TechnologyConsumerSpecialsMint on Sunday
×

Nokia Siemens delays Motorola purchase indefinitely

Nokia Siemens delays Motorola purchase indefinitely
AFP
Comment E-mail Print Share
First Published: Wed, Mar 09 2011. 03 50 PM IST
Updated: Wed, Mar 09 2011. 03 50 PM IST
Helsinki: Finnish-German giant Nokia Siemens Networks (NSN) said Wednesday that its purchase of Motorola’s wireless network infrastructure assets will be delayed again, with no timeline specified for the completion of the deal.
“Nokia Siemens Networks remains committed to the acquisition but will provide no further guidance on when it is likely to be completed,” the company said in a statement, adding that they were still waiting for approval from Chinese regulatory authorities.
When NSN originally announced the planned acquisition in July 2010, it expected the deal to be completed by the end of the year but was delayed until the end of the first quarter of 2011 as it waited for Chinese anti-trust approval.
The companies had announced on 19 July 2010 that NSN would buy most of Motorola’s wireless network infrastructure assets for $1.2 billion, bolstering its ranking as world number two in the industry.
On 15 December 2010, the European Commission gave the green light to the transaction, saying it would “not significantly impede effective competition in the European Economic Area or any substantial part of it.”
The deal has also received the approval of regulators in the United States, Brazil, Japan, Russia, South Africa, Taiwan and Turkey.
Comment E-mail Print Share
First Published: Wed, Mar 09 2011. 03 50 PM IST