Menu
Nokia shareholders approve sale of smartphones to Microsoft

Nokia shareholders approve sale of smartphones to Microsoft

Once Microsoft has taken control, it has a huge number of decisions to make, analyst said

More than 99 per cent of Nokia's shareholders have voted to approve Microsoft's acquisition of the Finnish company's Devices & Services business.

Nokia entered into an agreement to sell "substantially all" of the Devices & Services business to Microsoft for €3.79 billion (US$5.1 billion) in the beginning of September. Once the acquisition closes, Microsoft will also pay €1.65 billion to license Nokia's patents.

The vote took place at an extraordinary general meeting in the Helsinki Ice Hall, where executives explained the reasoning behind the deal and were grilled by shareholders for several hours.

The acquisition is expected to close in the first quarter of next year. Microsoft's CEO Steve Ballmer presented it as a win for employees, shareholders and customers of both companies.

"Through our partnership we have already accomplished so much, and yet clearly the opportunity ahead is remarkable. And I am incredibly optimistic about what we can achieve together," Ballmer said when the deal was announced.

Earlier this year Ballmer announced he would be stepping down, and former Microsoft executive Stephen Elop -- who resigned as Nokia's CEO when the deal with Microsoft was announced -- is reportedly a candidate to replace him.

Once Microsoft has taken control, it has a huge number of decisions to make, including brand alignment, how the devices business should be structured within Microsoft, and the level of autonomy it should have, according to Geoff Blaber, CCS Insight's vice president of research for the Americas. It will likely be a challenging integration process, but the faster it is, the better, he said.

Nokia shipped 8.8 million Lumia devices between July and September, with the low-cost Lumia 520 posting strong sales. There was also some good news in North America where sales grew from 500,000 units in the second quarter to 1.4 million in the third quarter. That helped increase Windows Phone's third quarter market share to 3.6 percent, compared to 12.9 percent for Apple's iOS and 81 percent for Android.

Subscribe here for up-to-date channel news

Follow Us

Join the New Zealand Reseller News newsletter!

Error: Please check your email address.

Tags business issuesconsumer electronicsMicrosoftsmartphonesNokiamobileMergers and acquisitions

Featured

Slideshows

StorageCraft celebrates high achievers at its inaugural A/NZ Partner Awards

StorageCraft celebrates high achievers at its inaugural A/NZ Partner Awards

Revealed at a glitzy bash in Sydney at the Ivy Penthouse, the first StorageCraft Partner Awards locally saw the vendor honour its top-performing partners with ASI Solutions, SMBiT Pro, Webroot, ACA Pacific and Soft Solutions New Zealand taking home the top awards. Photos by Maria Stefina.

StorageCraft celebrates high achievers at its inaugural A/NZ Partner Awards
Kiwi resellers make a splash on Synnex and Lenovo RotoVegas road trip

Kiwi resellers make a splash on Synnex and Lenovo RotoVegas road trip

​Synnex and Lenovo hosted 18 resellers for an action-packed weekend adventure in RotoVegas, taking in white water rafting on the Kaituna River, as well as quad biking and dinner at Stratosfare​, overlooking Lake Rotorua at the top of Mount Ngongotaha​. Photos by Synnex.

Kiwi resellers make a splash on Synnex and Lenovo RotoVegas road trip
Show Comments