GoodBye Nokia

[edinburgh]

Microsoft to acquire Nokia's device and services division



Microsoft will acquire Nokia's devices and services unit and license the company's mapping services in a deal worth $7.2 billion.
The software giant will pay $5 billion for "substantially all" of Nokia's phone unit and $2.2 billion to license its patents, the companies announced late Sunday. As part of the deal, Stephen Elop will step down as Nokia chief executive to become the executive vice president of the devices and services division.
"Today's agreement will accelerate the momentum of Nokia's devices and services, bringing the world's most innovative smartphones to more people, while continuing to connect the next billion people with Nokia's mobile phone portfolio," Microsoft CEO Steve Ballmer and Elop said in a joint statement.

The deal, which is expected to close in the first quarter of 2014, is still subject to shareholder and regulatory approval. When the deal closes, approximately 32,000 Nokia employees will transfer to Microsoft, including 4,700 in Finland and 18,300 involved in manufacturing.