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Monday, March 24, 2014

Nokia anticipates slight delay before Microsoft buys its Devices and Services business

Nokia says it expects to complete the sale of its Devices & Services business to Microsoft in April, rather than its original expectation of ‘the first quarter of 2014’.

Although Nokia and Microsoft have received regulatory approval from the European Commission and the US Department of Justice, they’re still waiting for approvals from some competition authorities in Asia.

Both companies say they’re confident that the €5.44 billion (£4.5 billion) transaction will close as expected.

Nokia also emphasised that ongoing tax proceedings in India - a situation it has described as “absurd” - have no bearing on the deal’s timing. One of India’s state authorities has claimed that some Nokia devices made in the city of Chennai were sold domestically instead of being exported, which would increase the company’s tax liability.

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