By Najat Kantouar

Nokia said it is selling its device management and service management platform businesses to Lumine Group for up to 185 million euros ($203.1 million).

The Finnish telecom equipment maker said Wednesday that the price includes up to EUR35 million that may be paid based on certain performance metrics being achieved over the first year.

The agreement reflects the company's strategy to actively manage its cloud and network services business portfolio to focus on other strategic areas, Nokia said.

The deal is expected to close in the first quarter of 2024.

Write to Najat Kantouar at najat.kantouar@wsj.com

(END) Dow Jones Newswires

December 20, 2023 08:59 ET (13:59 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.
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