Nokia Takes Control of Symbian
The phone giant plans to buy out all of Psion PLC's shares in the London-based Symbian.Nokia Corp. is taking control of smartphone software company Symbian Ltd. The Espoo, Finland, phone giant plans to buy out all of Psion PLCs shares in the London-based Symbian, officials said Monday. The deal is expected to close in the next few months. Psion, also of London, will receive the equivalent of $250 million for its 31.1 percent stake, which will give Nokia a 63 percent stake in Symbian.
This is the second major share sale for Symbian in five months. Last September, Motorola Inc. sold its 20 percent stake in the company, expressing plans to focus on Java- and Linux-based handsets. At the time, Psion and Nokia split Motorolas shares.