Categories: Business

Microsoft completes Nokia mobile phone deal for $7.5 billion

Microsoft has completed its purchase of Nokia's mobile phone business for 5.44bn euros

Microsoft has completed Nokia’s mobile phone deal for 5.44 billion euros ($7.5 billion).

The deal between Microsoft and Nokia should have been completed earlier this year but it was delayed by a hold-up in regulatory approvals.

The sale will see the end of production of mobile phones by Nokia.

Microsoft has completed its purchase of Nokia’s mobile phone business for 5.44bn euros

“Today we welcome the Nokia devices and services business to our family,” said Microsoft chief executive Satya Nadella.

“The mobile capabilities and assets they bring will advance our transformation.”

Noki will now focus on networks, mapping services and technology development and licenses.

Two Nokia plants will remain outside the deal – a manufacturing unit in Chennai, India, subject to an asset freeze by Indian tax authorities, and the Masan plant in South Korea, which it plans to shut down.

Former Nokia chief executive Stephen Elop has become executive vice president of the Microsoft devices group, in charge of Lumia smartphones and tablets, Nokia mobile phones, Xbox hardware, Microsoft Surface, and Perceptive Pixel (PPI) products.

48ypSdDXNOk

Clyde K. Valle

Clyde is a business graduate interested in writing about latest news in politics and business. He enjoys writing and is about to publish his first book. He’s a pet lover and likes to spend time with family. When the time allows he likes to go fishing waiting for the muse to come.