Nokia Networks announced a memorandum of understanding to acquire part of the wireless networks business of Panasonic System Networks.
The agreement covers Panasonic’s mobile phone (LTE/3G) wireless base station system business for mobile operators and related wireless equipment.
Financial details were not disclosed.
The plan is to wrap up the agreement by the end of September 2014, with expected closure scheduled for 1 January 2015.
Under the terms of the agreement, fixed assets and business contracts with Panasonic’s customers are being transferred to Nokia Networks in Japan, including Panasonic employees involved in the business.
“Japan is a key market for us, and this agreement is a major milestone in forging closer ties in Japan,” said Ashish Chowdhary, Nokia Networks’ EVP for AMEA.