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Nokia shareholders on Tuesday approved the sale of the Finnish company’s handset operations to Microsoft for $7.2 billion.
Over 99 per cent of shareholders approved the deal at an extraordinary shareholders meeting in Helsinki.
“This is a significant step forward for Nokia. We are delighted that shareholders have given us overwhelmingly strong support to proceed with this transformative agreement,” said Risto Siilasmaa, Nokia Board Chairman and Interim Chief Executive.
The deal is expected to be closed during the first quarter of 2014 and hinges on approval from regulators.
The deal was first announced in September, and since then the Nokia share price has doubled on the Helsinki bourse.
Nokia teamed up with Microsoft to use the Windows platform for mobile phones in 2011 to regain market shares from rivals Apple and Samsung, but has failed to shake up the smart phone market.
The board in 2013 started negotiations to sell the loss-making mobile phone business, and settled for Microsoft, Siilasmaa told the estimated 5,000 shareholders who attended the meeting.
The deal is expected to strengthen Nokia’s purse, likely allowing it to resume paying dividends to shareholders.
During the session, questions were raised about outgoing chief executive Stephen Elop’s severance package of 18.8 million euros ($25 million).
Elop, who formerly worked for Microsoft, stepped down in connection with the announcement Microsoft planned to buy Nokia’s handset operations.
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