Nokia shareholders approves sale of Devices & Services business to Microsoft

Nokia shareholders approves sale of business to Microsoft
The Extraordinary General Meeting of Nokia Corporation held on November 19, 2013 (EGM) decided to confirm and approve the sale of substantially all of Nokia's Devices & Services business to Microsoft in line with the proposal and recommendation of the Nokia Board of Directors. More than 99 per cent of the votes cast at the EGM were in favor of this proposal.

"This is a significant step forward for Nokia. We are delighted that shareholders have given us overwhelmingly strong support to proceed with this transformative agreement," said Nokia Board Chairman and interim CEO, Risto Siilasmaa. "Today's vote brings us closer to completing a transaction which will mark the beginning of the next chapter in Nokia's near 150-year history, offering the potential of greater value for shareholders," he said.

The transaction is expected to close in the first quarter of 2014, subject to regulatory approvals and other customary closing conditions. The transaction was originally announced on September 3, 2013.

Dion Global Solutions Ltd.

Read more about: nokia, microsoft, shareholders
Story first published: Wednesday, November 20, 2013, 12:55 [IST]
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