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Microsoft to Buy Nokia Phone Unit
Published Sep 3, 2013
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Microsoft is buying Nokia's devices and services business - and getting access to the company's patents - for a total of $7.2bn in an effort to expand its share of the smartphone market.
Nokia will also license its patents and mapping services to Microsoft. Nokia shares jumped 45% on news of the deal.
The purchase is set to be completed in early 2014, when about 32,000 Nokia employees will transfer to Microsoft.
While Nokia has struggled against competition from Samsung and Apple, Microsoft has been criticised for being slow into the mobile market.
"It's a bold step into the future - a win-win for employees, shareholders and consumers of both companies," Steve Ballmer, chief executive of Microsoft, said in a statement.
The transaction is subject to approval by Nokia shareholders and regulators.
Posted by
VMD - [Virtual Marketing Department]
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