MICROSOFT BUYS NOKIA MOBILE PHONE UNIT FOR
$7.2 BILLION
Microsoft has agreed a deal to buy Nokia's mobile
phone business for 5.4bn euros ($7.2bn; £4.6bn).
The purchase is set, according to BBC, to be
completed in early 2014, when about 32,000 Nokia
employees will transfer to Microsoft.
While Nokia has struggled against competition from
Samsung and Apple, Microsoft has been criticised
for being slow into the mobile market.
Describing the deal as a "big, bold step forward",
Microsoft chief executive Steve Ballmer told the BBC
that his company was in the process of
transforming itself from one that "was known for
software and PCs, to a company that focuses on
devices and services".
Nokia will also license its patents and mapping
services to Microsoft. Microsoft has also agreed a
10-year licensing arrangement with Nokia to use the
Nokia brand on current mobile phone products.
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