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Business News/ Companies / News/  China approves Nokia’s sale of phone business to Microsoft
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China approves Nokia’s sale of phone business to Microsoft

The company said it expects to close the deal in April

Photo: BloombergPremium
Photo: Bloomberg

Helsinki: Nokia Oyj has received approval from Chinese authorities to sell its mobile phone business to Microsoft Corp., it said on Tuesday, and added the companies expect the deal to close in April.

Nokia agreed in September to sell the business to Microsoft in a €5.4 billion deal.

“Nokia and Microsoft have now received regulatory approvals from the People’s Republic of China, the European Commission, the US department of justice and numerous other jurisdictions," Nokia said in a statement.

Nokia shares opened up 2.4% at €5.44 after the approval was announced.

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Published: 08 Apr 2014, 01:38 PM IST
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