Nokia To Buy Panasonic's (LTE/3G) Base Station Business

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5th August 2014
Nokia have announced its intention to buy part of the wireless networks business of Panasonic System Networks Company Limited. Both companies have entered into a memorandum of understanding that will see Nokia acquire Panasonic's mobile phone (LTE/3G) wireless base station system business for mobile operators and related wireless equipment system business.

Employee Transfers
The deal is expected to be finalised before the end of the year with the full agreement in place by the end of September 2014, subject to regulatory approvals. It is understood that under the terms of the agreement, all fixed assets and business contracts with Panasonic's customers will be transferred to Nokia Networks in Japan, this will include Panasonic's employees involved in the business.

Commenting on the agreement Ashish Chowdhary, Executive Vice President, AMEA, Nokia Networks said, "Japan is a key market for us, and this agreement is a major milestone in forging closer ties in Japan. The acquisition of part of Panasonic's wireless network business would further strengthen our mobile broadband portfolio and add significant value for Japanese operators."

Nokia Corporation is a Finnish communications and Information Technology company. Their headquarters are based in Espoo, Finland. Nokia is best known for its mobile and smartphone ranges and was the world's largest supplier of mobile phones from 1998 to 2012.

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