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Microsoft Corporation : EU Clears Microsoft-Nokia Mobile Deal

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12/04/2013 | 06:11pm CET

BRUSSELS--Microsoft Corp. (>> Microsoft Corporation) on Wednesday won unconditional approval from the European Union to buy Nokia Corp.'s mobile phone business, a deal the U.S. software giant hopes will propel it into the market for digital devices.

The 5.4 billion euro ($7.2 billion) purchase includes a 10-year licensing agreement of the Finnish smartphone maker's patent portfolio and its smartphone products.

The approval was widely expected and comes two days after the U.S. Department of Justice and the Federal Trade Commission cleared the deal.

The European Commission, the EU antitrust authority, said it found "minimal overlap" of the companies' activities.

"Several strong rivals, such as Samsung and Apple, will continue to compete with the merged entity," the commission said in a statement.

The company has said it expects the deal to close in the first quarter of 2014.

Nokia agreed to the deal in September after struggling to recover from its late entry in the smartphone business. About 32,000 Nokia employees are expected to join Microsoft.

Nokia shareholders agreed to the sale last month.

The company was once Finland's flagship, worth 4% of the national gross domestic product.

--Write to Vanessa Mock at vanessa.mock@dowjones.com

Stocks mentioned in the article : Microsoft Corporation
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Financials ($)
Sales 2017 96 599 M
EBIT 2017 28 579 M
Net income 2017 19 027 M
Finance 2017 37 416 M
Yield 2017 2,38%
P/E ratio 2017 26,15
P/E ratio 2018 21,44
EV / Sales 2017 4,78x
EV / Sales 2018 4,37x
Capitalization 499 353 M
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Spread / Average Target 7,6%
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Satya Nadella CEO & Non-Independent Director
Bradford L. Smith President & Chief Legal Officer
John Wendell Thompson Independent Chairman
Jean-Philippe Courtois President-Global Sales, Marketing & Operations
Amy E. Hood Chief Financial Officer & Executive Vice President
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