Nokia shareholders were set to approve the sale of the company's mobile phone business to Microsoft on Tuesday, deciding the deal's financial benefits outweighed objections by a minority of investors upset by the sale of a Finnish national asset.
More than 99 percent of shareholders registered in advance of the meeting in Helsinki, accounting for 45 percent of the total shares, approved the sale. The deal is expected to close in the first quarter of next year after regulatory approval.
Continue Reading Below
Nokia in September agreed to sell its devices and services business and license its patents to Microsoft for 5.44 billion euros ($7.36 billion) after failing to recover from a late start in smartphones.