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Nokia completes majority stake sale of IP video business to Canada's Volaris

Finnish company Nokia Corp. on Jan. 2 said it has completed the sale of a majority shareholding in its IP video business to Toronto-based Volaris Group Inc.

Nokia will remain a minority shareholder in the new pure play streaming technology company, Velocix, which will operate as an independent business within Volaris Group's communications and media portfolio.

The financial terms of the deal were not disclosed.