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NEW YORK (TheStreet) -- Shares of Nokia (NOK) - Get Nokia Oyj Report are down -1.97% to $7.98 after the company agreed to buy part of Panasonic's (PCRFY)  telecoms network business to increase its operations in Japan, Reuters reports.

The deal covers Panasonic's mobile phone wireless base station system business for operators and a related wireless equipment network, according to Nokia.

Terms of the deal were not disclosed and it's expected to close at the beginning of 2015.

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