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January, 18, 2017

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China approves sale of Nokia handset business to Microsoft

HELSINKI--Finnish telecommunications group Nokia said Tuesday it had cleared another hurdle in its sale of its handset business to U.S. software giant Microsoft after securing approval from Chinese authorities.

Following the European Commission and the U.S. Justice Department, China's Ministry of Commerce becomes the latest regulator to approve the 5.44-billion-euro (7.2-billion-dollar) deal unveiled in September.

Nokia said it expected the deal to be completed this month.

It consists of 3.79 billion euros for Nokia's devices and services divisions and 1.65 billion euros for its patents.

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