Finnish smartphone maker Nokia has finally received the approval from Chinese authorities to sell its mobile phone business to Microsoft. Now the deal will reportedly be closed in April. The acquisition has already faced an ample number of obstacles and now the deal has crossed over one of the most important hurdles.'
However, despite all the obstacles, Nokia remains in dispute with tax authorities in India. Reportedly, the company said that the entire regulatory approval process involved a "thorough review" of the company's licensing practices. Shares of Nokia recently traded up 2.7% following the news.
In fact Nokia agreed in September to sell the business to Microsoft in a 5.4 billion euro deal.
Reportedly, Nokia said "Nokia and Microsoft have now received regulatory approvals from the People's Republic of China, the European Commission, the US Department of Justice and numerous other jurisdictions." and Nokia shares opened up 2.4 % at 5.44 euros after the approval was announced.
Moreover, it is worth mentioning that according to Nokia, the regulatory approval process include a review of Nokia's patent licensing practices by several competition authorities around the world.
However, Microsoft is yet to close the deal and after crossing this big hurdle, it is at least close to the final closure.