Nokia has announced it is selling its device management and service management business to Lumine Group for £160 million.

The acquisition includes a payment of up to £30 million based on the business’s performance in the first year after the sale.

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The two platforms are primarily the result of previous acquisitions by mobile giant, namely Motive and mFormation.

Following the acquisition, the 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.

As a result, around 500 employees from Nokia’s Device Management and Service Management Platform will transfer to Lumine Group.

This transaction is expected to close in Q1 2024 and is subject to customary closing conditions.

Lumine Group Group President David Sharpley said: “We are absolutely thrilled to welcome Device Management and Service Management Platform customers and employees to Lumine.

“As experienced corporate carve-out acquirers, our priority is to partner with Nokia to ensure a seamless transition and operational continuity for all customers.”