Nokia Will Control Symbian After Buying Out Psion

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Psion is going to sell its share in the Symbian software group to Nokia, the world’s largest mobile phone maker. The purchase will bring Nokia’s ownership of Symbian to approximately 63 percent.

Psion was one of the four companies that founded Symbian to develop and license the Symbian OS used in many smart phones.

This announcement comes just five months after Nokia and Psion completed the purchase of Motorola’s stake in Symbian. Motorola was another one of the founders. Originally, the four partners had equal shares but the deals Nokia has made recently now give it controlling power of the operating system.

Other Symbian shareholders include Sony Ericsson, Panasonic, Samsung and Siemens.

Details of the Deal

Nokia will pay an estimated 135.7 million UK pounds. The deal includes a fixed cash payment of 93.5 million pounds, plus a royalty payment of 0.84 pounds for each Symbian smart phone Nokia sells in 2004 and 2005.

Psion is planning to re-invest the money from the sale of its stake in Symbian into the Teklogix industrial handhelds area.

The transaction is subject to approval by Psion’s shareholders, and is expected to close within the next few months.

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