Nokia shareholders approve sale of handset business
Helsinki, Finland: Shareholders of Nokia have approved the company's planned sale of its mobile handset business to Microsoft, according to the Nokia.
Nokia said over 99 per cent of votes at the extraordinary meeting approved the sale. The transaction is expected to close in the first quarter of 2014, subject to regulatory approvals and other customary closing conditions.
Originally announced in September, the sale will see Microsoft acquire the Nokia Devices & Services division for Euro3.79 billion. In addition it will pay Euro1.65 billion to license Nokia's patents, bringing the total value of the deal to Euro5.44 billion in cash.