Microsoft Corp announced Tuesday to acquire Nokia's mobile phone business for a total of 5.44 billion euros. [Microsoft.com]

Microsoft Corp Monday announced plans to purchase Finland phone maker Nokia's devices and services business for 5.44 billion euros (US$7.2 billion), in a bid to seek share expansion in the smartphone market.

Nokia's CEO Stephen Elop will join Microsoft when the deal finals.

Microsoft will pay 3.79 billion euros (US$5 billion) for Nokia's mobile phone unit and another 1.65 billion euros (US$2.2 billion) for a 10-year non-exclusive license to use Nokia's patents.

The transaction is expected to close in the first quarter of 2014, according to Microsoft's statement.

Microsoft said it is acquiring Nokia's Asha brand and will license the Nokia brand for current Nokia mobile products.

"This element provides Microsoft with the opportunity to extend its service offerings to a far wider group around the world while allowing Nokia's mobile phones to serve as an on-ramp to Windows Phone," said Microsoft said in the statement.

Nokia's mobile phone unit sold 53.7 million phones in the second quarter of 2013.

Print E-mail

Go to Forum >>0 Comment(s)

Add your comments...

• User Name Required
• Your Comment
• Enter the words you see:   
  Racist, abusive and off-topic comments may be removed by the moderator.