News Column


August 2, 2014

A Memorandum of Understanding (MoU) has been inked by Nokia Networks with Panasonic System Networks Company of Japan with a view to purchasing a portion of its wireless network business.

The target of Nokia Networks is to strengthen and further develop 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 deal includes Panasonic s Long Term Evolution (LTE)/3G wireless base station system business for mobile operators and its related wireless equipment system business.

The terms of the deal includes that Panasonic s fixed assets and business contracts with customers will be transferred to Nokia Networks in due course.

Both the parties plan to terminate the agreement 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.

According to Ashish Chowdhary, executive vice president of AMEA at Nokia Networks, 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.

For more stories covering the world of technology, please see HispanicBusiness' Tech Channel

Source: TendersInfo (India)

Story Tools Facebook Linkedin Twitter RSS Feed Email Alerts & Newsletters