Lumine Group Inc. (TSXV:LMN) entered into a definitive agreement to acquire Device Management and Service Management Platform businesses of Nokia for ?185 million on December 20, 2023. The total purchase price of up to ?185 million, which includes a contingent consideration of up to ?35 million based on the performance of the business during the first year following close. Following the acquisition, Lumine Group will restore the Motive brand as the new corporate entity for the Device Management and Service Management Platform solutions as a stand-alone business unit within Lumine Group. Approximately 500 Nokia Device Management and Service Management Platform employees are expected to transfer to Lumine Group as part of the deal. Both companies will work closely together to ensure a smooth transition and business continuity. The transaction is subject to certain terms, conditions, and consultations with works council or other employee representative bodies where required by law and deal is expected to close in the first quarter of 2024. Eduardo Gallardo, Jon Kubek from Paul Hastings LLP acted as legal advisors to Nokia Oyj (HLSE:NOKIA) in the transaction.

Lumine Group Inc. (TSXV:LMN) completed the acquisition of Device Management and Service Management Platform businesses of Nokia on April 1, 2024.