Espoo, Finland/Seattle, USA - Nokia (NYSE: NOK) today announced that it has completed its acquisition of Loudeye Corp. (Nasdaq: LOUD), a global leader of digital music platforms and digital media distribution services.
"With this acquisition completed, Nokia is on target to deliver the best fully integrated mobile music experience to our customers during 2007," said Anssi Vanjoki, executive vice president and general manager, Multimedia, Nokia. "This new team brings the enthusiasm and expertise that make experiences such as our recently announced Music Recommenders service possible. Our vision is to enable people to access all the music they want, anywhere, anytime and at a reasonable cost; this is driving the development of our music offering."
The Nokia music experience will include music optimized devices like the Nokia N91 8GB and other Nokia Nseries multimedia computers, innovative music applications like the Nokia Podcasting application and the ability to discover, purchase and manage music.
As a result of the acquisition, Loudeye common stock is no longer publicly traded and each outstanding share of Loudeye common stock has been converted into the right to receive USD $4.50 in cash.
About Nokia Nseries
Nokia Nseries is a range of high performance multimedia devices that delivers unparalleled mobile multimedia experiences by combining the latest technologies with stylish design and ease of use. With Nokia Nseries products, consumers can use a single device to enjoy entertainment, access information and to capture and share pictures and videos, whenever and wherever they want.
Nokia is the world leader in mobile communications, driving the growth and sustainability of the broader mobility industry. Nokia connects people to each other and the information that matters to them with easy-to-use and innovative products like mobile phones, devices and solutions for imaging, games, media and businesses. Nokia provides equipment, solutions and services for network operators and corporations.
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