Nokia approves sale of its devices and services business to Microsoft

Nokia has approved the sale of substantially all of its devices and services business to Microsoft in line with the proposal and recommendation of the Nokia Board of Directors.

It was decided at extraordinary general (EGM) meeting on November 19, 2013.More than 99 % of the votes cast at the EGM were in favor of this proposal.

"This is a significant step forward for Nokia. We are delighted that shareholders have given us overwhelmingly strong support to proceed with this transformative agreement," said Nokia Board Chairman and interim CEO, Risto Siilasmaa.

"Today's vote brings us closer to completing a transaction which will mark the beginning of the next chapter in Nokia's near 150-year history, offering the potential of greater value for shareholders," said said Risto Siilasmaa ,Nokia Board Chairman and interim CEO.

The transaction is expected to close in the first quarter of 2014, subject to regulatory approvals and other customary closing conditions. The transaction was originally announced on September 3, 2013.