Nokia 2012 Annual Report Download - page 239

Acquisitions completed in 2011
Motorola
On April 30, 2011, Nokia Siemens Networks completed its acquisition of Motorola Solutions’ networks
business in exchange for a total consideration of EUR 642 million. The acquired business consists of
Motorola’s wireless networks infrastructure equipment manufacturing and sales operations, including
the GSM, CDMA, WCDMA, WiMAX and LTE product portfolios and services offerings. The acquisition
is expected to strengthen Nokia Siemens Networks’ position in certain regions, particularly
North America and Japan. The goodwill of EUR 164 million arising from the acquisition is attributable to
the increased presence in these key markets and the assembled workforce. The majority of the
goodwill acquired is expected to be deductible for income tax purposes.
The following table summarizes the consideration paid, the fair value of assets acquired, liabilities
assumed and the non-controlling interest at the acquisition date. Fair values of certain assets acquired,
liabilities assumed and goodwill were provisional at the end of 2011. Fair values have been finalized
during 2012.
Provisional fair
values
2011 Adjustments
Final fair values
2012
EURm EURm EURm
Total consideration in cash ........................ 642 642
Non-current assets
Goodwill ......................................... 155 9 164
Developed technology .............................. 156 — 156
Customer relationships ............................. 195 — 195
Other intangible assets ............................. 3 — 3
509 9 518
Property, plant & equipment ......................... 105 (8) 97
Investments in associated companies ................. 6 — 6
Deferred tax assets ................................ 36 — 36
656 1 657
Current assets
Inventories ....................................... 103 — 103
Accounts receivable ................................ 228 (6) 222
Prepaid expenses and accrued income ................ 20 — 20
Bank and cash .................................... 31 — 31
382 (6) 376
Total assets acquired ............................. 1 038 (5) 1 033
Non-current liabilities
Deferred tax liabilities .............................. 15 — 15
Other long-term liabilities ............................ 15 — 15
30 — 30
Current liabilities
Accounts payable .................................. 154 (1) 153
Accrued expenses ................................. 166 (2) 164
Provisions ........................................ 30 (2) 28
350 (5) 345
Total liabilities assumed ........................... 380 (5) 375
Non-controlling interest ............................. 16 — 16
Net assets acquired ............................... 642 — 642
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