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Nokia Networks to acquire portion of Panasonic's wireless business [TeleGeography CommsUpdate](TeleGeography CommsUpdate Via Acquire Media NewsEdge) Finnish equipment vendor Nokia Networks has announced that it has entered into a Memorandum of Understanding (MoU) with Panasonic System Networks Company of Japan with a view to acquiring a portion of its wireless network business. Nokia Networks aims to reinforce and further improve efficiency and quality control for product development and research & development (R&D), as well as strengthening its market share for base station systems and related wireless equipment in Japan. The agreement covers Panasonic's Long Term Evolution (LTE)/3G wireless base station system business for mobile operators and its related wireless equipment system business. Under the terms of the agreement, Panasonic's fixed assets and business contracts with customers will be transferred to Nokia Networks in due course. The two parties plan to conclude the deal by the end of September 2014, with the deal's anticipated closure scheduled for 1 January 2015, subject to the relevant closing conditions and regulatory approvals. Ashish Chowdhary, executive vice president of AMEA at Nokia Networks, said: 'Japan is a key market for us, and this agreement is a major milestone in forging closer ties in Japan… The acquisition of part of Panasonic's wireless network business would further strengthen our mobile broadband portfolio and add significant value for Japanese operators.' (c) 2014 PriMetrica, Inc. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info). |