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2014-04-21

NOKIA: Nokia expects the sale of substantially all of its Devices & Services business to Microsoft to close on April 25, 2014

Nokia Corporation

Stock exchange release
April 21, 2014 at 16.55 (CET +1)

Espoo, Finland - Nokia today announced that it expects the transaction whereby
the company will sell substantially all of its Devices&Services business to
Microsoft to close on April 25, 2014. The transaction is now subject only to
certain customary closing conditions.

The transaction was originally announced on September 3, 2013.

FORWARD-LOOKING STATEMENTS
It should be noted that Nokia and its business are exposed to various risks
and uncertainties and certain statements herein that are not historical facts
are forward-looking statements, including, without limitation, those
regarding: A) the planned sale by Nokia of substantially all of Nokia's
Devices&Services business, including Smart Devices and Mobile Phones
(referred to below as "Sale of the D&S Business") pursuant to the Stock and
Asset Purchase Agreement, dated as of September 2, 2013, between Nokia and
Microsoft International Holdings B.V.(referred to below as the "Agreement");
B) the closing of the Sale of the D&S Business; C) expectations, plans or
benefits related to or caused by the Sale of the D&S Business; D)
expectations, plans or benefits related to Nokia's strategies, including
plans for Nokia with respect to its continuing businesses that will not be
divested in connection with the Sale of the D&S Business; E) expectations,
plans or benefits related to changes in leadership and operational structure;
F) expectations and targets regarding our operational priorities, financial
performance or position, results of operations and use of proceeds from the
Sale of the D&S Business; and G) statements preceded by "believe," "expect,"
"anticipate," "foresee," "sees," "target," "estimate," "designed," "aim",
"plans," "intends," "focus," "will" or similar expressions. These statements
are based on management's best assumptions and beliefs in light of the
information currently available to it. Because they involve risks and
uncertainties, actual results may differ materially from the results that we
currently expect. Factors, including risks and uncertainties that could cause
these differences include, but are not limited to: 1) the inability to close
the Sale of the D&S Business in a timely manner, or at all, for instance due
to the inability or delays in satisfying closing conditions, or the
occurrence of any event, change or other circumstance that could give rise to
the termination of the Agreement; 2) the potential adverse effect on the
sales of our mobile devices, business relationships, operating results and
business generally resulting from the announcement of the Sale of the D&S
Business or from the terms that we have agreed for the Sale of the D&S
Business; 3) any negative effect from the implementation of the Sale of the
D&S Business, as we may forego other competitive alternatives for strategies
or partnerships that would benefit our Devices&Services business and if the
Sale of the D&S Business is not closed, we may have limited options to
continue the Devices&Services business or enter into another transaction on
terms favorable to us, or at all; 4) our ability to effectively and smoothly
implement planned changes to our leadership and operational structure or
maintain an efficient interim governance structure and preserve or hire key
personnel; 5) any negative effect from the implementation of the Sale of the
D&S Business, including our internal reorganization in connection therewith,
which will require significant time, attention and resources of our senior
management and others within the company potentially diverting their
attention from other aspects of our business; 6) disruption and
dissatisfaction among employees caused by the plans and implementation of the
Sale of the D&S Business reducing focus and productivity in areas of our
business; 7) the amount of the costs, fees, expenses and charges related to
or triggered by the Sale of the D&S Business; 8) any impairments or charges
to carrying values of assets or liabilities related to or triggered by the
Sale of the D&S Business; 9) potential adverse effects on our business,
properties or operations caused by us implementing the Sale of the D&S
Business; 10) the initiation or outcome of any legal proceedings, regulatory
proceedings or enforcement matters that may be instituted against us relating
to the Sale of the D&S Business, as well as the risk factors specified on
pages 12-47 of Nokia's annual report on Form 20-F for the year ended December
31, 2012 under Item 3D. "Risk Factors." and risks outlined in our fourth
quarter and full year 2013 results report available for instance at
www.nokia.com/financials. Other unknown or unpredictable factors or
underlying assumptions subsequently proving to be incorrect could cause
actual results to differ materially from those in the forward-looking
statements. Nokia does not undertake any obligation to publicly update or
revise forward-looking statements, whether as a result of new information,
future events or otherwise, except to the extent legally required.

About Nokia

Nokia is a global leader in mobile communications whose products have become
an integral part of the lives of people around the world. Every day, more
than 1.3 billion people use their Nokia to capture and share experiences,
access information, find their way or simply to speak to one another. Nokia's
technological and design innovations have made its brand one of the most
recognized in the world. For more information, visit
http://www.nokia.com/about-nokia.

Media Enquiries:

Nokia
Communications
Tel. +358 7180 34900
press.services@nokia.com

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This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: NOKIA via Globenewswire

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