Microsoft completes acquisition of Nokia phone business

Microsoft completes acquisition of Nokia phone business

Nokia has completed the sale of substantially all of its mobile phones business to Microsoft. The transaction, which also includes an agreement to licence patents to Microsoft, was first announced in September 2013. At closing, the price was adjusted somewhat in Nokia's favour and is expected to be slightly higher than the earlier-announced Euro5.44 billion, Nokia said. The final deal also excludes Nokia's manufacturing facilities in Chennai in India and Masan in Korea. The Indian site remains subject to a tax dispute with the local authorities. Nokia has agreed to continue to provide Microsoft with devices from the site until the dispute is resolved and the assets can be transferred. For the Korean facility, which employs around 200 people, Nokia plans to end the activities. As part of the sale, Nokia executives Stephen Elop, Jo Harlow, Juha Putkiranta, Timo Toikkanen and Chris Weber will be transferring to Microsoft, as well as another 25,000 Nokia employees. Elop will head the mobile business at Microsoft, along with its Xbox games console and Surface tablet. Nokia said it plans a board meeting next week to consider its future strategy, and more details will be discussed at its quarterly report on April 20.
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