Nokia to purchase part of Panasonic's wireless network biz

Finland's Nokia Networks announced on Thursday that it would purchase part of Panasonic's wireless network business.

According to a press release, the agreement will cover Panasonic's mobile phone (LTE/3G) wireless base station system business for mobile operators and related wireless equipment system business.

Under the terms of the agreement, fixed assets, business contracts with Panasonic's customers and employees, which belong to this part of Panasonic's business, will be transferred to Nokia Networks in Japan.

"The acquisition of part of Panasonic's wireless network business would further strengthen our mobile broadband portfolio and add significant value for Japanese operators," said Ashish Chowdhary, executive vice president of Nokia Networks.

Nokia said the two parties plan to conclude the agreement by the end of September and implemented at the beginning of 2015.