Nokia Systems is acquiring part of the wireless networks business of Panasonic Systems Networks Co. Ltd. The two companies signed last week a memorandum of agreement to make way for that.
A press statement by the Espoo, Finland-based data networking and telecoms equipment vendor said the agreement involves purchase of the Osaka, Japan-based vendor's mobile phone (LTE/3G) wireless base system station system business for operators as well as its related wireless equipment system business.
Nokia and Panasonic plan to conclude the agreement by the end of September with expected closure to take place next January 1, according to the press statement.
The terms of the agreement call for the transfer to Nokia Networks in Japan of Panasonic's fixed assets and business contracts with customers.
Included also is the transfer to Nokia Systems of Panasonic employees involved in the business.
The press statement gave no monetary figures involved in the planned Nokia acquisition.
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