Microsoft to buy Nokia's devices and services business
(UPI Business News Via Acquire Media NewsEdge) U.S. software giant Microsoft Corp. will acquire the Devices & Services business of the Finnish Nokia Corp., the two companies announced Monday.
Under the agreement, Microsoft will also license Nokia's patents and use Nokia's mapping service, the companies said in a release. Microsoft agreed to pay Nokia 5.44 billion euros ($7.18 billion), including 3.79 billion euros ($5 billion) for the devices and services business.
The transaction is expected to be completed in the first quarter of 2014. Microsoft and Nokia announced a strategic partnership in 2011 to develop and market smart phones.
"It's a bold step into the future -- a win-win for employees, shareholders and consumers of both companies. Bringing these great teams together will accelerate Microsoft's share and profits in phones, and strengthen the overall opportunities for both Microsoft and our partners across our entire family of devices and services," said Steve Ballmer, Microsoft's outgoing chief executive officer.
"In addition to their innovation and strength in phones at all price points, Nokia brings proven capability and talent in critical areas such as hardware design and engineering, supply chain and manufacturing management, and hardware sales, marketing and distribution."
Copyright 2013 United Press International, Inc. (UPI). Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
[ Back To Technology News's Homepage ]