Microsoft to buy Nokia’s mobile phone business for US $7.2 billion
In a deal announced Monday, Microsoft is acquiring Nokia’s mobile phone business. Nokia will also license to Microsoft its mapping services and patents. 32,000 Nokia employees are expected to transition from Nokia to Microsoft.
Stephen Elop, Nokia’s president and CEO is widely expected to succeed Steve Ballmer as Microsoft’s chief executive. Steve Ballmer announced in August that he was planning to retire from Microsoft.
Once the sale is completed, Nokia will concentrate on network equipment manufacturing and mapping and location services.
The announced deal still requires approval from shareholders and regulators.