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Tuesday, September 03, 2013

Microsoft Buys Nokia’s Mobile Phones & Smart Devices Businesses

Microsoft and Nokia have announced that the former will purchase all of Nokia's Devices & Services business, license Nokia's patents, and license and use Nokia's mapping services. "Building on the partnership with Nokia announced in February 2011 and the increasing success of Nokia's Lumia smartphones, Microsoft aims to accelerate the growth of its share and profit in mobile devices through faster innovation, increased synergies, and unified branding and marketing," the companies said in a statement. "For Nokia, this transaction is expected to be significantly accretive to earnings, strengthen its financial position, and provide a solid basis for future investment in its continuing businesses." The €5.44bn transaction is expected to close in the first quarter of 2014, subject to approval by Nokia's shareholders, regulatory approvals and other closing conditions.

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