Volaris Group Inc. agreed to acquire majority stake in IP Video business from Nokia Corporation (HLSE:NOKIA) on September 13, 2018. Under the agreed terms of the deal, Nokia becomes a minority shareholder and a global sales channel partner of Velocix. Substantial part of Nokia's video product portfolio and employees are planned to move to Velocix, a new independent pure play streaming technology company in Volaris' Communications & Media portfolio. The transitioning team will continue to manage and develop the transferring business and support customers as well as to drive the growth strategy in Velocix. The transaction is subject to customary closing conditions and is expected to close during the fourth quarter of 2018. Scott Simpson, Jisun Choi, Claire Consoli, Helena Derbyshire, Denis Klimentchenko, Sarah Knapp, Alex Jupp and Ashley Moss of Skadden, Arps, Slate, Meagher & Flom acted as legal advisors to Nokia Corporation. Richie Clark, Mary Elliott, Charlotte Eliasson, Freddie De Boise, David Murphy, Tom Pennington-Hare, Daisy Jones, Emma Bailey, Joanne Varia, Nigel Miller and Arjun Majumdar of Fox Williams acted as legal advisor to Volaris Group Inc. Volaris Group Inc. completed the acquisition of majority stake in IP Video business from Nokia Corporation (HLSE:NOKIA) on January 2, 2019.