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Nokia finalises Deal with Microsoft

by Temitope Adeogun April 25, 2014, 5:31 pm 5 Comments

Finnish telecom giant, Nokia announced on Friday that it has substantially completed the sale of its Devices & Services sector to Microsoft.

The company said that the value of the transfer announced in September, 2013, would be slightly higher than the earlier quoted price of 5.44 billion euros ($7.52 billion).

The US software giant, Microsoft agreed to exclude factories in Chennai in southern India and in South Korea from the deal.

“In India, our manufacturing facility is subject to an asset freeze by the Indian tax authorities as a result of ongoing tax proceedings,” Nokia revealed in a statement.