Microsoft buys Nokia for $7.2 bn: Key facts you need to know
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Microsoft buys Nokia for $7.2 bn: Key facts you need to know
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Microsoft buys Nokia for $7.2 bn: Key facts you need to know
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Microsoft buys Nokia for $7.2 bn: Key facts you need to know
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September 2, 2013
Microsoft buys Nokia for $ 7.2 bn: Key facts to be known
Microsoft buys Nokia for $7.2 bn: Key facts you need to know
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Microsoft Corp on
Tuesday said it will buy Nokia’s mobile phone business for 5.44 billion
euros. The deal is expected to close in the first quarter of 2014 and it
is subject to approval by Nokia’s shareholders and regulatory
approvals.
Here are some key facts about the deal:
* As part of the transaction, Nokia will grant Microsoft a 10 year
non-exclusive license to its patents as of the time of the closing of
the deal and Microsoft will grant Nokia reciprocal rights. In addition,
Nokia will grant Microsoft an option to extend this mutual patent
agreement to perpetuity. Of the total purchase price of EUR 5.44
billion, EUR 3.79 billion relates to the purchase of substantially all
of the Devices & Services business, and EUR 1.65 billion relates to
the mutual patent agreement and future option.
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Microsoft Corp on Tuesday said it
will buy Nokia’s mobile phone business for 5.44 billion euros. The deal is
expected to close in the first quarter of 2014 and it is subject to approval by
Nokia’s shareholders and regulatory approvals.
Here are some key facts about the
deal:
* As part of the transaction, Nokia
will grant Microsoft a 10 year non-exclusive license to its patents as of the
time of the closing of the deal and Microsoft will grant Nokia reciprocal
rights. In addition, Nokia will grant Microsoft an option to extend this mutual
patent agreement to perpetuity. Of the total purchase price of EUR 5.44
billion, EUR 3.79 billion relates to the purchase of substantially all of the
Devices & Services business, and EUR 1.65 billion relates to the mutual
patent agreement and future option.
Additionally, Microsoft will become
a strategic licensee of the HERE platform, and will separately pay Nokia for a
four year license.
* Microsoft has agreed to make
immediately available to Nokia EUR 1.5 billion of financing in the form of
three EUR 500 million tranches of convertible bonds to be issued by Nokia
maturing in 5, 6 and 7 years respectively. It is at Nokia’s discretion if it
chooses to draw down all or some of these tranches.
* Microsoft has agreed to a 10 year
license arrangement with Nokia to use the Nokia brand on current Mobile Phones
products. Nokia will continue to own and maintain the Nokia brand. Under the
terms of the transaction, Microsoft has agreed to a 10 year license arrangement
with Nokia to use the Nokia brand on current and subsequently developed
products based on the Series 30 and Series 40 operating systems. Upon the
closing of the transaction, Nokia would be restricted from licensing the Nokia
brand for use in connection with mobile device sales for 30 months and from
using the Nokia brand on Nokia’s own mobile devices until December 31, 2015.
* At closing, approximately 32,000
people from Nokia are expected to transfer to Microsoft, including
approximately 4,700 people in Finland. Nokia’s CTO (Chief Technology Office)
organization and patent portfolio will remain within the Nokia Group.
* Microsoft has said it will draw
from its overseas cash resources to fund the transaction.
* Microsoft also said it is acquiring
Nokia’s Asha brand of low to mid-level smartphones and will license the Nokia
brand for current Nokia mobile products.
* Nokia CEO Stephen Elop will be
coming back to Microsoft, and he will lead an expanded Devices team, which
includes all of Microsoft’s current Devices and Studios work. Nokia board
chairman Risto Siilasmaa will take over CEO duties while the Finnish firm looks
for a new CEO to replace Elop.
April 5, 2013
612 Indians have cash stashed in tax havens: Global journalistic investigation
A global journalistic investigation has exposed secret financial
dealings of rich individuals, politicians, industrialists and even
ordinary professionals through tax havens, setting off political ripples
across Europe and Asia. Among those exposed are 612 Indians, including
at least two MPs and several industrialists.
The investigation — conducted by the International Consortium of Investigative Journalists (ICIJ) and its partner media houses — has exposed 120,000 companies registered in secretive tax havens and around 130,000 individuals and their front men.
Tax Havens:
A tax haven is a state, country or territory where certain taxes are levied at a low rate or not at all.
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