Electronics Production |
Nokia to fully acquire Symbian
Nokia has launched a cash offer to acquire all of the shares of Symbian that Nokia does not already own, at a price of EUR 3.647 per share. The net cash outlay from Nokia to purchase the approximately 52% of Symbian shares will be approximately €264 million.
Nokia has received irrevocable undertakings from Sony Ericsson, LM Ericsson, Panasonic Mobile Communications and Siemens International Holding to accept the offer, representing approximately 91% of the Symbian shares subject to the offer. Nokia also expects Samsung Electronics to accept the offer.
The acquisition is a fundamental step in the establishment of the Symbian Foundation, announced by Nokia, together with AT&T, LG Electronics, Motorola, NTT DOCOMO, Samsung, Sony Ericsson, STMicroelectronics, Texas Instruments and Vodafone.
Nokia expects the acquisition to be completed during Q4/08 and is subject to regulatory approval and customary closing conditions. On a reported basis, Nokia expects the transaction to be dilutive in 2009, approximately breakeven in 2010, and accretive in 2011. On a cash basis, Nokia expects the transaction to be dilutive in 2009 and accretive in 2010 and 2011. After the closing, all Symbian employees will become Nokia employees.
