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Microsoft's Nokia acquisition only to close by March-end

Last Updated: Saturday, February 15, 2014 - 15:26

Washington: Microsoft announced its plans to acquire Nokia nearly six months back, however, that deal is still to draw to a close.

Nokia cited an ongoing tax dispute in India over one of the company's factories that is delaying the closing of the intended purchase by Microsoft.

According to The Verge, Microsoft has stressed that it would have the sale, worth 7.2 billion dollars, complete before the current quarter ends in March.

Recently, it was revealed that Nokia was petitioning the Supreme Court of India to reverse a ruling that was initially expected to complicate the deal, however, the Finnish mobile giant said that the deal was not in any danger of slipping beyond Q1.

In a statement, Nokia said that the transaction was still expected to close in the first quarter of 2014, subject to regulatory approvals and other customary closing conditions, irrespective of the proceedings in the Indian tax case, the report added.

First Published: Saturday, February 15, 2014 - 15:24
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