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Nokia agrees to buy social networking company

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By AP
23 June 2008 @ 07:31 am EST

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NEW YORK - Mobile phone maker Nokia Corp. said Monday it has signed an agreement to buy Plazes, a privately-held social networking company headquartered in Zurich.

Quotes

NOK

17.12

1.39

Financial terms of the deal weren't disclosed.

The deal is expected to close in the third quarter, pending customary closing conditions.

When the acquisition is complete, Plazes will become part of Nokia's services and software unit.

Plazes, which has its main operations in Berlin, allows users to alert friends of their activities and location, review others activities and post comments and responses.

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