Six months after it agreed to sell its Mediaroom TV property to one Nordic telecoms giant, Ericsson, Microsoft has agreed to buy the mobile phone business of another, Nokia, for €5.44 billion.
Nokia, which has struggled to compete in the smartphone business, adopted Microsoft’s Windows Phone software in 2011. Nokia CEO and former Microsoft business division chief Stephen Elop will return to Microsoft as head of its devices team as part of the deal.
The deal is expected to be finalized in the first quarter of next year, subject to regulatory and shareholder approval.
Outgoing Microsft CEO Steve Ballmer described the deal as “a bold step into the future – a win-win for employees, shareholders and consumers of both companies”.
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