Nokia has announced that the planned transaction whereby Nokia plans to sell substantially all of its Devices & Services business to Microsoft has received regulatory approval from the Ministry of Commerce of the People's Republic of China.
The approval by China means that the company currently has approvals by various jurisdictions including the United States department of justice and the European Union whose go ahead was necessary due to their size of the market.
The Chinese approval was hardest to achieve following a petition by Google and Samsung who had asked the authorities to ensure that the deal does not lead to higher license fees for Nokia's patents.
" During that process, no authority has challenged Nokia's compliance with its FRAND undertakings related to standard-essential patents (licensing on fair, reasonable and non-discriminatory terms) or requested that Nokia make changes to its licensing program or royalty terms." Nokia said in a statement.
Nokia which had been a market leader in the global market for several years has about 30,000 technology patents some of which are vital for mobile communications estimated to be worth up to 10 billion Euros.
Following the announcement Nokia's shares shot up by 2.9 percent to reach 5.48 Euros.