Nokia sells line fit automative business to Novero
The world's top cellphone maker Nokia said on Wednesday it would sell its line fit automotive business to Germany's Novero GmbH. Nokia did not disclose the value of the deal, but said it expected to complete the transaction by June.
By Agencies |
HELSINKI: The world's top cellphone maker Nokia said on Wednesday it would sell its line fit automotive business to Germany's Novero GmbH. Nokia did not disclose the value of the deal, but said it expected to complete the transaction by June.
Novero is owned by the former head of Nokia's enhancements unit, Razvan Olosu, and German private equity firm Equity Partners. Some 240 employees would be able to continue working for the unit's operations in Bochum, Dusseldorf and Detroit. Shares in Nokia were 0.9 percent stronger at 18.46 euros by 1530 GMT, in line with the general Helsinki bourse index.
Download
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
Download
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
ADVERTISEMENT
