ESPOO (dpa-AFX) - Nokia Oyj (NOK) on Wednesday announced that Lumine Group Inc. has agreed to buy Nokia's Device Management (DM) and Service Management Platform (SMP) businesses.
The agreement will allow customers of Nokia DM and SMP to benefit from Lumine's expertise in the telecom industry. With its strong balance sheet and market capitalization, Lumine Group intends to operate DM and SMP as a standalone business, which it will rebrand as Motive.
As part of the deal, approximately 500 Nokia Device Management and Service Management Platform employees are expected to transfer to Lumine Group.
The deal is valued at EUR 185 million, which includes a contingent consideration of up to EUR 35 million based on the business's performance during the first year following the close.
The deal is expected to close in the first quarter of 2024, subject to certain terms and conditions.
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