Nokia Networks goes shopping

The agreement covers Panasonic’s mobile phone (LTE/3G) wireless base station system business for mobile operators and related wireless equipment system 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.”