updated 06:19 am EDT, Mon March 24, 2014
Transfer of Nokia mobile phone business to Microsoft delayed by Asian regulators
The acquisition of Nokia's mobile phone business by Microsoft will take longer than previously thought, with both companies expecting to complete the $7.2 billion sale in April. While the deal has received regulatory approval in the United States and
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Brad Smith, General Counsel and Executive Vice President for Legal and Corporate Affairs at Microsoft, advises that authorities from 15 markets on five continents have given the all-clear to the purchase. In the same post, Smith states the acquisition "will accelerate our mobile-first, cloud-first imperatives," as well as using the new resources to bring Windows Phone to more customers.
While the deal remains in regulatory limbo, Nokia is keen to reiterate in its statement that the tax issues in India will "have no bearing on the timing of the closing or the material deal terms." Tax authorities in the country claim Nokia owes around $3.4 billion, and have previously taken the step of raiding the company's Chennai factory, a facility that is set to be transferred as part of Microsoft's acquisition.