Nokia expects Microsoft deal to be completed in April

nokia_finland_apNokia said it expected the 5.4 billion euro sale of most of its phone business to Microsoft will close in April.

Nokia had previously said it expected the deal to close in the first quarter. Microsoft has also said it expected the deal to close in April.

(Also see: Microsoft to acquire Nokia’s Devices & Services business in 5.44 billion euros deal)

Nokia has received approvals from the European Commission and the U.S. Department of Justice, but some antitrust authorities in Asia are still conducting their reviews, it said in a statement.

“We are nearing the final stages of our global regulatory approval process,” Brad Smith, Microsoft’s general counsel, said on the company’s website. “Currently we are awaiting approval confirmation in the final markets.”

Nokia reiterated that its tax disputes in India would not have an impact on the deal schedule.

(Also see: Nokia says India tax case not likely to affect Microsoft deal)

The company last week was given a new $414 million tax claim by Indian authorities, following a recent Supreme Court decision to order Nokia to give a $571 million guarantee before transferring its Chennai factory to Microsoft.

In a statement on Friday, the company said, “Nokia considers the claim to be completely without merit and counter to domestic tax laws. In India, exports are by law exempt from tax, and Nokia has proved consistently that devices produced at Chennai are exported abroad. Indeed, the company has been regularly assessed and audited by the tax authorities since 2006 without incident, and it has also won numerous export awards from governmental organisations.”

The length of time needed to close the deal, announced last September, is not exceptional for Microsoft, which took five months to complete its purchase of online chat company Skype in 2011.

source”NDTV

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