deal is going to allow Nokia to sell its mobile phone business to Microsoft Corp without having to change its main technology patent practices
It has been a while since Nokia and Microsoft have been working on getting together and their deal is going to allow Nokia to sell its mobile phone business to Microsoft Corp without having to change its main technology patent practices. Finally, these companies have been granted persmission to do so by the Chinese competition authorities.
Don't Miss: Find a Nintendo NES Classic in stock
It was agreed back in September by the Finnish company that it would sell its flagship business to Microsoft in a 5.4 billion euro ($7.4 billion) deal. However, the patent portfolio was kept because according to the foresight of a few analysts, this is going to do a great job in the future. The shares on the other hand were just waiting for the announcement to be made and the impact could have been seen already. When Nokia announced the confirmation by the Chinese Authorities, the share went up from 3.1 percent to 5.49 euros as investors had feared Chinese regulators could demand tough future conditions for Nokia's patents business.
Certain approvals were required and Nokia says that it was still not sure and was wondering whether they would have to call if off at some point. However it was not disclosed how many approvals were required and by whom.