HELSINKI : Finnish-German giant Nokia Siemens Networks (NSN) said Tuesday its purchase of Motorola's wireless network infrastructure assets would be delayed until 2011 pending approval from Chinese regulators.
The companies had announced on July 19 that NSN would buy most of Motorola's wireless network infrastructure assets for 1.2 billion dollars (926 million euros), bolstering its ranking as world number two in the industry.
NSN said at the time both firms expected to complete the deal, which needed regulatory approvals, by the end of 2010.
On Tuesday, the Finnish-German company said in a statement it now expected “to complete its acquisition of the majority of Motorola's public carrier wireless network infrastructure assets in the first quarter of 2011.”
“The transaction has not yet received regulatory approval from the Anti-Monopoly Bureau of the Ministry of Commerce of China, which is continuing its review process,” the company said, adding “all other necessary regulatory clearances have been obtained.”
On December 15, the European Commission gave the green light to the transaction, saying it would “not significantly impede effective competition in the European Economic Area (EEA) or any substantial part of it.”
The deal has also received the approval of regulators in the United States, Brazil, Japan, Russia, South Africa, Taiwan and Turkey, NSN said.
– AFP /ls
Channel News Asia