Finnish telecom vendor, Nokia Networks announced on Thursday that it is acquiring part of Panasonic System Networks' wireless networks business. The value of the deal was not disclosed.
The deal covers Panasonic's mobile phone wireless base station system business for operators and a related wireless equipment network, Nokia said. In addition it includes the transfer of fixed assets and business contracts and Panasonics' customers to Nokia Networks in Japan.
Subject to customary closing conditions, both parties plan to conclude the agreement by the end of this year.
"Japan is a key market for us, and this agreement is a major milestone in forging closer ties in Japan. The acquisition of part of Panasonic's wireless network business would further strengthen our mobile broadband portfolio and add significant value for Japanese operators."
- Ashish Chowdhary, Executive Vice President, AMEA, Nokia Networks
