Covington Advises Microsoft in EUR 5.44 Billion Nokia Transaction
SAN FRANCISCO, Sept. 3, 2013 /PRNewswire/ -- Covington & Burling is advising Microsoft Corp. in its purchase of substantially all of Nokia's devices & services business. Under the transaction, Microsoft will also license Nokia's patents, and license and use Nokia's mapping services. The total transaction price is EUR 5.44 billion in cash — or more than $7 billion.
The purchase is expected to allow Microsoft greater ability to deliver choices and innovation to consumers in phones and smart devices. The transaction is the next step in Microsoft's strategy of creating an expanded family of Windows-powered devices for the company's more than one billion consumers.
Covington advised on IP, commercial and regulatory matters on the transaction.
Under the terms of the agreement, Microsoft will pay EUR 3.79 billion to purchase substantially all of Nokia's Devices & Services business, and EUR 1.65 billion to license Nokia's patents. The transaction is expected to close in the first quarter of 2014, subject to approval by Nokia's shareholders, regulatory approvals and other closing conditions.
The Covington team was led by Ingrid Rechtin, Evan Cox, and Brad Chernin. The team included Miranda Cole (EU competition law), Louise Nash and Matthew Edwards (mobile operator), Robert Wu and Anabel Lee (intellectual property and commercial), Peter Swanson, Allison Kerndt, Matthew Kudzin, and Ben Wiseman (litigation), Marie Lavalleye (trademark and copyright), Lisa Peets (EU intellectual property and technology) and Bruce Deming (corporate).
Covington & Burling LLP, an international law firm, provides corporate, litigation, and regulatory expertise to enable clients to achieve their goals. Founded in 1919, the firm has more than 800 lawyers and offices in Beijing, Brussels, London, New York, San Diego, San Francisco, Seoul, Shanghai, Silicon Valley, and Washington, DC.
Contact: Amelia Hansen
SOURCE Covington & Burling LLP