Nokia Sale Marks End of an Era (WSJ)
Nokia Corporation (ADR) (NYSE:NOK)’s decision to sell its handset business to Microsoft Corporation (NASDAQ:MSFT) and focus on software and wireless is the Finnish company’s latest attempt in its 148-year-old long history of reinventing itself amid crisis. For many, especially in Finland, it also marks the effective end of the road for a national champion and a one-time global tech giant. Finland’s minister of economic affairs, Jan Vapaavuori, said Tuesday that “this is end of the era in Finland.” He said the deal with Microsoft will have a “mental effect,” seeing that Nokia has long been an important international brand with deep Finnish roots.
Nokia Credit-Default Swaps Decline by Record on Microsoft Deal (BusinessWeek)
The cost of insuring against losses on Nokia Corporation (ADR) (NYSE:NOK)debt fell by a record after Microsoft Corporation (NASDAQ:MSFT) agreed to buy its handset business and license its patents for 5.44 billion euros ($7.2 billion). Credit-default swaps on Nokia dropped 330 basis points to 199, according to data provider CMA at 10 a.m. in London. The Espoo, Finland-based company’s 6.75 percent bonds due February 2019 jumped 7.5 cents on the euro to 113.3 cents, the highest since June 2011, Bloomberg data show.
Nokia in India, a Brief Timeline (WSJ)
Nokia Corp.’s growth story in India has been almost contemporaneous with that of the South Asian nation’s telecom sector. Nokia began its India operations in 1995, and currently has offices in 10 of the country’s major cities including, New Delhi, Mumbai, in Maharashtra and Kolkata, in West Bengal, and Ahmedabad in Gujarat. Its operations include a handset business, a research and development unit in the southern Indian city of Bangalore and a manufacturing facility in Chennai also in south India.
Nokia shares surge 40% on Microsoft mobile deal (CNBC)
Nokia Corporation (ADR) (NYSE:NOK) shares surged over 40 percent on Tuesday after technology giant Microsoft Corporation (NASDAQ:MSFT) agreed to pay 5.44 billion euros ($7.2 billion) for its mobile phone business. Nokia said the board had convened almost 50 times since the beginning of the year to discuss how to create shareholder value from the mobile unit, which has lagged behind Apple Inc. (NASDAQ:AAPL) and Samsung.
Microsoft, Nokia Deal Leaves HTC Out In The Cold (WSJ)
HTC Corp.2498.TW 0.00% could be feeling a bit abandoned. Microsoft Corp. announced on Tuesday that it’s acquiring Nokia Corporation (ADR) (NYSE:NOK) +38.19% cellphone business. But before it began warming up to the Finnish handset maker, HTC was Microsoft Corporation (NASDAQ:MSFT)’s closest partner, analysts say. HTC has had a long association with Microsoft, going back to 2002 when it introduced the first smartphone powered by Microsoft software. The Taiwanese handset maker has since then rolled out more phones that run on Microsoft’s software, bringing it head on with rival Nokia, which in 2011 switched to making exclusively Windows-based phones.