Beijing, China (4E) – China’s Ministry of Commerce formally approved Microsoft’s purchase of Nokia devices and services business, marking a huge step towards the completion of the deal.
Chinese authorities has approved Nokia’s plan to sell its mobile phone business to Microsoft Corp, and no request have been made for changes to its patent practices.
In September, Nokia agreed to sell the business to Microsoft for 5.4bn euros ($7.4bn). Under the terms of the sale, the Finnish company kept its patent portfolio, which analysts believe is a source of future growth.
The Microsoft deal is expected to be completed this month, said Nokia.
The sale has already received regulatory approvals from the U.S. Justice Department, the European Commission and the People’s Republic of China, according to Nokia.
The phone maker has paid its competitors for using their technology licences, and it also charges them for the use of its own. Analysts say that a newly restructured Nokia would be freer to raise those fees