Microsoft Acquired Nokia's Devices & Services Business

Yesterday, Nokia and Microsoft announced an important news: Mircosoft has purchased Nokia's Devices and Services business with an agreement of

Microsoft is paying EUR 3.79 billion to purchase substantially all of Nokia’s Devices & Services business, and EUR 1.65 billion to license Nokia’s patents, for a total transaction price of EUR 5.44 billion in cash.

Under the agreement Microsoft will acquire substantially all of Nokia's Devices & Services business, including design, production, sales, marketing and related support functions. Which means the “Lumia” and “Asha” portfolio will soon belonged to Microsoft as well but the “Nokia” brand itself still remained to Finnish company. 

The transaction is expected to close in the first quarter of 2014, approximately 32,000 people will be  transfer to Microsoft..Stephen Elop will step down as Nokia's President and CEO to become the company's Executive Vice President for Devices and Service while the transition takes place. While Risto Siilasmaa, the Chairman of the Nokia Board of Directors, will take the role of interim CEO.

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Nokia had a nearly of 150 years of heritage, innovation, excellence, and change, now it's time for the next chapter. Following the transaction, Nokia plans to focus on:

• NSN, a leader in network infrastructure and services;
• HERE, a leader in mapping and location services;
• Advanced Technologies, a leader in technology development and licensing.

Following the acquiring of Nokia's Devices and Services business to join the Microsoft family. It's a bold step into the future - a win-win for both company to bring new phones and services that combine the best of Microsoft and the best of Nokia.

Sources: TheVerge, Nokia, Microsoft, Nokia Conversations