Nokia to Buy Panasonic’s Network Equipment Unit to Expand Japan Business
Nokia will buy a division of Japan’s Panasonic that focuses on network equipment.
Having sold its flagship phone business to Microsoft, Nokia is looking to expand its remaining businesses, which include the cellular equipment business, its Here mapping division as well as a patent-licensing operation.
“Japan is a key market for us, and this agreement is a major milestone in forging closer ties in Japan,” Nokia Executive VP Ashish Chowdhary said in a statement. “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 didn’t say how much it would pay for the unit, which makes wireless base stations for third-generation and fourth-generation LTE cellphone networks.
The companies said they hope to finalize terms of the deal by September and close the transaction by Jan. 1.