Sale of Nokia Devices & Services business to Microsoft given shareholder approval
Shareholders have today approved Nokia's proposed sale of its Devices & Services division to Microsoft.
At a Nokia Extraordinary General Meeting held on 19 November, shareholders decided to confirm and approve the sale of substantially all of Nokia's Devices & Services business to Microsoft, in line with the proposal and recommendation of the Nokia Board of Directors.
More than 99 % of the votes cast at the meeting were in favour of this proposal.
'This is a significant step forward for Nokia. We are delighted that shareholders have given us overwhelmingly strong support to proceed with this transformative agreement,' said Nokia Board Chairman and interim CEO, Risto Siilasmaa.
'Today's vote brings us closer to completing a transaction which will mark the beginning of the next chapter in Nokia's near 150 year history, offering the potential of greater value for shareholders,' he said.
The transaction is expected to close in the first quarter of 2014, subject to regulatory approvals and other customary closing conditions. The transaction was originally announced on 3 September 2013.
Smart Chimps thinks: Stage one of approval complete. Now all Nokia needs is regulatory approval and it is all systems go for Microsoft in mobile. We don't foresee any problems with regulators giving this one the nod, which is great because Smart Chimps is interested to watch Microsoft take Nokia forward (hopefully), and to see what it does with the brand and its development.
