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Netherlands : NOKIA NETWORKS to acquire part of wireless networks business of PANASONIC SYSTEM NETWORKS COMPANY

August 1, 2014

Telecom gear maker Nokia Networks is to acquire part of wireless networks business of Panasonic System Networks Company, aiming at strengthening its market share for base station systems and related wireless equipment in Japan.

Nokia has announced to acquire Panasonic s mobile phone (LTE/3G) wireless base station system business for mobile operators and related wireless equipment system business.

Fixed assets and business contracts with customers of Panasonic is to be transferred to Nokia Networks in Japan, including Panasonic employees involved in the business. Financial details of the deal were not revealed. Completion of the agreement is expected by the end of September 2014, with expected closure scheduled on January 1, 2015.

Ashish Chowdhary, executive vice-president, AMEA, 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.

Nokia Networks followed by this acquisition aims at reinforcing and further improving efficiency and quality control for product development and R&D.

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Source: TendersInfo (India)

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