Nokia to buy Panasonic's wireless network business

Nokia announced that it has entered into a memorandum of understanding to acquire part of Panasonic's wireless network business. The agreement covers Panasonic's LTE/3G wireless base station system business for mobile operators and related wireless equipment system business. The two parties plan to conclude the agreement by the end of September 2014. The closure, subject to customary closing conditions and regulatory approvals is scheduled for January 1, 2015. According to the terms of the agreement, fixed assets and business contracts with Panasonic's customers are being transferred to Nokia Networks in Japan, including Panasonic employees involved in the business.

Through this acquisition, Nokia will strengthen their mobile broadband portfolio and add significant value for Japanese operators. They aim to reinforce and further improve efficiency for product development and R&D by leveraging their extensive global experience and technical leadership in the mobile broadband space to grow their business in this sector.