Nokia Networks today announced that it has agreed to purchase select portions of Panasonic’s wireless business.
Specifically, the company will buy Panasonic’s mobile phone wireless base station and related wireless equipment system businesses. As part of the deal, Panasonic will transfer fixed assets, employees, and business contracts to Nokia in Japan. Nokia called Japan a key market and believes the deal will strengthen its business goals there.
The terms of the deal have not been finalized, but Nokia Networks expects the asset acquisition to close by January 2015. Panasonic ceased making smartphones in late 2013.
Nokia sold its handset business to Microsoft earlier this year.
