Microsoft announces plans to buy Nokia for more than $7 billion

admin  | Tuesday, 3 September 2013 | 477 Total Views

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Nokia will sell its devices and services business to Microsoft before the end of the first quarter of 2014 for $7.17 billion.

Surprising only in timing, Nokia's cell phone business is acquired by Microsoft.

Microsoft and Nokia jointly confirmed on Monday night that Microsoft will purchase Nokia's devices and services business for $7.17 billion.

Microsoft intends to finish the deal before the end of the first quarter of 2014, pending regulatory and shareholder approvals. The move is expected to be an effort to expand Microsoft's share of the smartphone market.

Nokia has been working alongside Microsoft for two years and has been using their Windows mobile operating system for their smartphones.

Along with the acquisition, Nokia's CEO Stephen Elop, who once worked for Microsoft as their head of Business Division, will return to Microsoft in a yet undisclosed position.

Nokia plans to hold a news conference in Espoo, Finland, on Tuesday morning.

Nokia's 32,000 employees will transfer to Microsoft Corp.