Finland based telecom giant Nokia eyes to acquire part of Panasonic’s network to grow its operations in Japan and strengthen the mobile broadband portfolio for an undisclosed amount.
“Nokia Networks has entered into a memorandum of understanding to acquire part of the wireless networks business of Panasonic System Networks Company Ltd,” Nokia said in a statement.
The agreement covers Panasonic’s mobile phone (LTE/3G) wireless base station system business for mobile operators and related wireless equipment system business, it said in the statement.
The two firms plan to conclude the agreement by the end of September, with expected closure scheduled on January 1, 2015, subject to customary closing conditions, including regulatory approvals.
As part of the deal, fixed assets and business contracts with Panasonic’s customers are being transferred to Nokia Networks in Japan, including Panasonic employees involved in the business.
Through this acquisition, Nokia Networks aims to reinforce and further improve efficiency and quality control for product development and R&D.
It will also help strengthen Nokia’s 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, it said.
Source: http://cablequest.org/news/international-news/item/5622-cq-nokia-eyes-to-buy-stake-of-panasonic%E2%80%99s-wireless-network-biz.html
Source: http://cablequest.org/news/international-news/item/5622-cq-nokia-eyes-to-buy-stake-of-panasonic%E2%80%99s-wireless-network-biz.html
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