Finland based mobile giant Nokia has said that it has received the final approving nod from the Chinese regulators for its sale of mobile manufacturing business to Microsoft. Nokia has further said that after this outstanding approval, the company expects that the deal will be closed within April.
Nokia, after having been in trouble due to significantly decreased market share post launch of iPhone and Android, had agreed to sell its mobile business to Microsoft for $7.4 billion in September last year.
A Nokia statement has says that “Nokia and Microsoft have now received regulatory approvals from the People’s Republic of China, the European Commission, the U.S. Department of Justice and numerous other jurisdictions. ”
Despite sale of its business unit to Microsoft, Nokia has recently launched its Android based smartphone Nokia X whose future now hangs in balance after Microsoft takes over the mobile business.
Nokia shares have rose by 2.4 percent after the approval of the deal by the Chinese authorities was announced.