Nokias financials arent what youd call great lately, and as a result the company is selling its headquarters building in Espoo, Finland for €170 million.



The deal is expected to be finalized by the end of the year, but the company has no plans to move out afterwards. Instead it will lease it back and continue its operations there. The building offers 48,000 square meters of office real estate and has been housing Nokias HQ since 1997.

Heres what the chief financial officer of Nokia, Timo Ihamuotia had to say.


We had a comprehensive sales process with both Finnish and foreign investors and we are very pleased with this outcome. As we have said before, owning real estate is not part of Nokias core business and when good opportunities arise we are willing to exit these types of non-core assets. We are naturally continuing to operate in our head office building on a long-term basis.

Nokia is obviously in dire need of money and is trying to cash in on just about everything valuable it holds. In June the company sold its Vertu subsidiary and now its the HQ turn to go. Hopefully, the cash will help the company continue normal operating until the WP investment pays off. That Q4 report will make for a pretty interesting read.

Source

Read More..

Verizon Communications and Britain’s Vodafone announced a deal Monday that will give Verizon total ownership of the wireless company that bears its name.

Vodafone will sell its 45 percent stake in Verizon Wireless for $130 billion, in what is said to be the third-largest corporate deal of all time.

The deal marks the end of a long, largely successful joint venture between the two companies. Both parties had, at various times, sought to buy out the other.

“Over the past 13 years, Verizon Wireless has been a key driver of our business strategy, and through our partnership with Vodafone, we have made Verizon Wireless into the premier wireless provider in the U.S,” Verizon Communications CEO Lowell McAdam said in a statement. “The capabilities to wirelessly stream video and broadband in 4G LTE complement our other assets in fiber, global IP and cloud.”

Verizon is paying Vodafone with a mixture of cash and stock. To fund the $58.9 billion cash portion, Verizon is getting financing from J.P. Morgan Chase, Morgan Stanley, Bank of America and Barclays. It will also issue $60.2 billion in stock, subject to certain price collars. It is also issuing $5 billion in notes to Vodafone, selling its stake in Vodafone Omnitel, and offering $2.5 billion in “other consideration.”

Read the rest of this post --->

Read More..