Chinese authorities have given mobile devices and networks firm Nokia Corp. (NOK) regulatory transaction approval to go ahead with the $7.4 billion sale of its Devices & Services business and license its patents to Microsoft Corp. (MSFT).
As communicated on March 24, 2014, Nokia and Microsoft continue to expect to close the mobile phone business deal — announced last September — during April 2014.
The companies have now received regulatory approvals from China, the European Commission, the U.S. Department of Justice and numerous other jurisdictions.
According to Nokia, the regulatory approval process has involved a thorough review of its patent licensing practices by several competition authorities around the world.
“During that process, no authority has challenged Nokia’s compliance with its FRAND undertakings related to standard-essential patents (licensing on fair, reasonable and non-discriminatory terms) or requested that Nokia make changes to its licensing program or royalty terms,” Nokia said in a statement.
Nokia shares are up 29 cents, or 4.02%, at $7.51, while M’soft shares are up 4 cents, or 0.10%, at $39.84 in pre-market trading Tuesday.