EU approves Nokia takeover of Trolltech

10 Jun 2008
00:00
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(Associated Press via NewsEdge) The European Union has approved Nokia's takeover plans for Oslo software company Trolltech.

The deal, which values Trolltech at some 105 million euros ($160 million), should be completed this week, Nokia said.

With the deal's conclusion Nokia will own more than 99% of Trolltech's shares and votes. It will also seek to have Trolltech shares delisted from the Oslo Stock Exchange.

Trolltech, founded in 1994, provides software and application platforms used in such programs as Skype, Google Earth and Adobe Photoshop Elements.

As cell phone markets continue to become saturated, particularly in Europe, Nokia is increasingly turning to providing other services for its mobile phone customers, especially via the internet. It has estimated that web-based services will generate a market of some 100 billion euros ($150 billion) by 2010.

Nokia said the acquisition of Trolltech would enable it to accelerate programs used to connect mobile devices and desktop applications, and develop its internet services business.

Oslo-based Trolltech, which supports open source and commercial customers, has offices in California, Australia and Beijing as well as in European cities.

© 2008 The Associated Press

© 2008 Dialog, a Thomson business. All rights reserved

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