By Ayomide Oriade
Renowned mobile phone brand, Nokia has put the sale of its phone unit to Microsoft on hold as it awaits approval from regulators in Asia. Nokia mobile unit has been struggling to match the success it enjoyed prior to the rise of smartphones and a sale deal worth (£4.5bn) was expected to be sealed with Microsoft next month.
The Finnish firm has now confirmed that the deal, announced last September, will not be completed in April, stating that sale has been approved by both EU and US authorities but “certain antitrust authorities In Asia” are still reviewing the deal.
Last week, Nokia said it was contesting a legal case in India where local authorities want it to pay sales tax on the export of phones made at a plant in Chennai. Legislation in some countries requires local regulatory approval for transactions that affect companies in the region.
