Nokia Networks to buy part of Panasonic's wireless network business
The two parties plan to conclude the agreement by the end of September 2014, with expected closure scheduled on January 1, 2015, subject to customary closing conditions, including regulatory approvals. Under the terms of the agreement, fixed assets and business contracts with Panasonic's customers are being transferred to Nokia Networks in Japan, including Panasonic employees involved in the business.
"Japan is a key market for us, and this agreement is a major milestone in forging closer ties in Japan," said Ashish Chowdhary, Executive Vice President, AMEA, Nokia Networks. "The acquisition of part of Panasonic's wireless network business would further strengthen our mobile broadband portfolio and add significant value for Japanese operators."
Through this acquisition, Nokia Networks aims to reinforce and further improve efficiency and quality control for product development and R&D, as well as strengthen its market share for base station systems and related wireless equipment in Japan. In addition, Nokia Networks plans to leverage its extensive global experience and technical leadership in mobile broadband to grow its business in the acquired domestic carrier segment globally.
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