Microsoft could finally announce the completion of its acquisition of Nokia’s handset business as early as next week. Microsoft and Nokia had announced last year that the software giant would acquire Nokia’s devices and services unit in a $7.2 billion deal. BGR India had earlier exclusively reported that the deal was most likely to close before next month’s Mobile World Congress in Barcelona. Also Read - Microsoft celebrates Chinese Lunar Year with special Tiger-themed Xbox Series S consoles
Nokia indicated the closure of the deal and completion of the sale of its handset business in a mail sent to the media informing them of its next quarterly earnings call, which is scheduled for January 23, the same day as Microsoft’s earnings call. Tucked away at the bottom of the release was a statement that hinted at the pending announcement, where Nokia says it will report its devices and services business as “discontinued” operations. Also Read - Microsoft to keep Call of Duty on PlayStation even after Activision acquisition
After receiving shareholder approval of the pending sale of substantially all of its Devices & Services business at our Extraordinary General Meeting in November last year, Nokia is reporting substantially all of its Devices & Services business as discontinued operations in its fourth quarter 2013 and full year 2013 results report. Also Read - Biggest acquisitions made in the gaming industry: Microsoft-Activision Blizzard, Tencent-Supercell, and more
Nokia currently has three continuing businesses: Nokia Solutions & Networks (NSN), HERE and Advanced Technologies. Reflecting this composition, Nokia will publish financial information for all three businesses in next week’s report. Specifically, Nokia will report financial information for a total of four reportable segments – Mobile Broadband and Global Services within NSN, HERE, and Advanced Technologies – and, additionally, separate information for Discontinued Operations.
The two companies had received approval for the deal from the US and EU authorities. Even the Indian High Court gave Nokia a reprieve in the tax dispute over its Chennai manufacturing facility. The only approval left was from the Chinese government, but it appears even that has been approved.