Nokia is on course to complete the sale of its devices division to Microsoft by April this year, it has revealed.
The news follows reports that the £4.5bn sale which was due to complete in the first quarter of this year has been delayed, due to a hold up in getting approval from Asian regulators. Nokia is currently in a legal dispute with Indian authorities over export taxes on devices manufactutred in its plant in Chennai.
The manufacturer announced today that it has been given the green light by the Finnish Financial Supervisory Authority to postpone the publication of its 2013 financial statements and annual review until the end of April 2014, to coincide with the completion of the sale of its devices business to Microsoft.
In a statement the company said: ‘As announced earlier, Nokia's Board of Directors is conducting a strategy evaluation for Nokia Group between signing and closing of the transaction announced on September 3, 2013 whereby Nokia will sell substantially all of its Devices & Services business and license its patents to Microsoft. The transaction is expected to close in April 2014, subject to regulatory approvals and other customary closing conditions.
‘Nokia applied for the exemption mainly to enhance the possibility of being able to reflect the closing of the transaction and the outcome of the strategy evaluation in the financial statements and Board's annual review for the year 2013.’