Nokia expects to close Microsoft deal on April 25
In a $7.2 billion deal, Nokia's devices and services business is now scheduled to be an official subsidiary of Microsoft at the end of the week.
Nokia expects to close the sale of its devices and services business to Microsoft on Friday, April 25.
Revealing the news on Monday, Nokia said that the transaction is now subject only to certain customary closing conditions.
The sale initially was slated to close by the end of March, but Microsoft said last month that the deadline would be delayed as the transaction was still being reviewed by certain antitrust authorities in Asia. Announced last September, the deal will also give Microsoft custody of certain Nokia patents.
Once the deal is complete, Microsoft plans to rename Nokia's mobile business from Nokia Oyj to Microsoft Mobile Oy, according to a letter sent to suppliers obtained by Nokiapoweruser. The new subsidiary will also function as Microsoft's mobile devices division, the letter added.
Microsoft shares rose slightly by .2 percent, or 8 cents, to $40.09 on Monday