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Nokia says handset business sale to Microsoft completed

Nokia said that due to an ongoing tax dispute with Indian authorities, it would operate the Chennai factory as a contract manufacturing unit for Microsoft. The company also said it will close a plant in Masan, Korea, which about 200 staff.

(Photo: Reuters) (Photo: Reuters)

Finnish giant Nokia has said the sale of its once-dominant handset business to Microsoft has been closed after the companies agreed to leave two factories - in India and Korea - out of the deal.

The company said that it now expected the final sales price to rise slightly above the previously announced 5.44 billion euros ($7.52 billion).

Nokia said that due to an ongoing tax dispute with Indian authorities, it would operate the Chennai factory as a contract manufacturing unit for Microsoft. The company also said it will close a plant in Masan, Korea, which about 200 staff.

Nokia added its board of directors was due to meet early next week in relation to the company's strategy assessment.

A media report earlier on Friday said Nokia would outline its new strategy April 29 along with its first-quarter results, and that it would also nominate Rajeev Suri, the head of NSN, as the new group CEO.

(Reuters)