Nokia Networks / Panasonic wireless deal complete

This includes the transfer of fixed assets, employees and relevant contracts from Panasonic to Nokia Networks. The agreement covers Panasonic’s mobile phone wireless base station system business for mobile operators and related wireless equipment system business. This acquisition enhances Nokia Networks’ existing mobile broadband capabilities and is expected to reinforce and further improve efficiency and quality control for product development and R&D, as well as strengthen its market share for base station systems and related wireless equipment in Japan. The acquisition includes:

• Panasonic’s LTE/3G wireless base station system business
• Related wireless equipment system business
• Fixed assets and business contracts with Panasonic’s customers get transferred to Nokia Networks Japan
• More than 300 Panasonic employees involved in the transferring business

Ashish Chowdhary, Chief Business Officer at Nokia Networks, said: “With this acquisition, Nokia Networks will single-handedly contribute towards the domestic and overseas business of Japan’s operators, and also benefit from synergies in terms of efficient product operations and focused R&D efforts. Furthermore, this acquisition also provides us with the opportunity to tap the potential of the Carrier Mobile System market – a key focus area for our business in Japan.”