Thu, Dec 30, 2010 - Page 10 News List

NSN says Motorola purchase delayed pending approval

AFP, HELSINKI

Finnish-German giant Nokia Siemens Networks (NSN) said on Tuesday its purchase of Motorola’s wireless network infrastructure assets would be delayed until next year pending approval from Chinese regulators.

The companies had announced on July 19 that NSN would buy most of Motorola’s wireless network infrastructure assets for US$1.2 billion, bolstering its ranking as world No. 2 in the industry.

NSN said at the time both firms expected to complete the deal, which needed regulatory approvals, by the end of this year.

On Tuesday, NSN said in a statement it now expected “to complete its acquisition of the majority of Motorola’s public carrier wireless network infrastructure assets in the first quarter of 2011.”

“The transaction has not yet received regulatory approval from the Anti-Monopoly Bureau of the Ministry of Commerce of China, which is continuing its review process,” the company said, adding “all other necessary regulatory clearances have been obtained.”

On Dec. 15, the European Commission gave the green light to the transaction, saying it would “not significantly impede effective competition in the European Economic Area or any substantial part of it.”

The deal has also received the approval of regulators in the US, Brazil, Japan, Russia, South Africa, Taiwan and Turkey, NSN said.

This story has been viewed 1302 times.
TOP top