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Nokia buys 52% Symbian shares for $410M

Posted: 26 Jun 2008 ?? ?Print Version ?Bookmark and Share

Keywords:shares buyout? Symbian OS? mobile platform?

Nokia Corp. has released a cash offer to acquire all of the shares of Symbian Ltd that Nokia does not already own, at a price of about $5.67 per share, or approximately $410 for the 52 percent Symbian shares.

The Finnish handset maker has received irrevocable undertakings from Sony Ericsson Mobile Communications AB, Telefonaktiebolaget LM Ericsson, Panasonic Mobile Communications Co. Ltd and Siemens International Holding BV to accept the offer, representing approximately 91 percent of the Symbian shares subject to the offer. Nokia also expects Samsung Electronics Co. Ltd. to accept the offer.

Symbian is the software company that develops and licenses Symbian OS, the open OS for mobile devices. User interfaces designed for Symbian OS include S60 from Nokia, MOAP (S) for the 3G network and UIQ, designed by UIQ Technology, a joint venture between Motorola and Sony Ericsson.

The acquisition is a fundamental step in the establishment of the Symbian Foundation, announced by Nokia, together with AT&T, LG Electronics, Motorola, NTT DoComo, Samsung, Sony Ericsson, STMicroelectronics, Texas Instruments and Vodafone.

"This is a significant milestone in our software strategy," said Olli-Pekka Kallasvuo, CEO of Nokia. "Symbian is already the leading open platform for mobile devices. Through this acquisition and the establishment of the Symbian Foundation, it will undisputedly be the most attractive platform for mobile innovation. This will drive the development of new and compelling, web-enabled applications to delight a new generation of consumers."

"Ten years ago, Symbian was established by far sighted players to offer an advanced open OS and software skills to the whole mobile industry", said Nigel Clifford, CEO of Symbian. "Our vision is to become the most widely used software platform on the planet and indeed today Symbian OS leads its market by any measure. Today's announcement is a bold new step to achieve that vision by embracing a complete and proven platform, offered in an open way, designed to stimulate innovation, which is at the heart of everything we do."

Nokia expects the acquisition to be completed during the Q4 and is subject to regulatory approval and customary closing conditions. After the closing, all Symbian employees will become Nokia employees.

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