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Nokia mobile phone unit sale OK
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Nokia shareholders voted yesterday overwhelmingly in favor of selling the company’s mobile business to US software giant Microsoft in an attempt to reinvent the once-proud Finnish telecoms titan.
According to Nokia, which will now become a telecom equipment and services company, the deal was almost unanimously approved (99.7 percent) by a majority of shareholders voting ahead of an extraordinary meeting in Helsinki.
The “yes” vote was expected, and analysts have judged the deal as positive for the ailing Finnish firm.
Nokia’s share price has doubled since the plan was unveiled in early September with Microsoft agreeing to pay 5.44 billion euros (US$7.35 billion) for the loss-making company’s mobile phone division.
“It’s an excellent deal. It’s hard to imagine a better price for a division experiencing structural losses,” said Pierre Ferragu, an analyst at brokers Sanford Bernstein.
The sale of the assets, which include the Lumia smartphone trademark and technology, must take place early next year.
Once the world leader in mobile phones, Nokia lost its top place to South Korea’s Samsung in 2012.
Although still No. 2 in the overall mobile phone market with a 13.8 percent share in the third quarter of this year, ahead of Apple’s 6.7 percent, Nokia trails Samsung’s 25.7 percent, said technology consultancy Gartner.
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