Microsoft to acquire Nokia’s devices and services business for $7.17 billion

Redmond based Microsoft and Finland based Nokia’s board of directors approved the acquisition of Nokia’s devices and the services business by the IT giant – Microsoft. Microsoft Corporation will also license Nokia’s patents, and license and use Nokia’s  mapping services. The transaction is expected to close in the first quarter of 2014, subject to approval by Nokia’s shareholders, regulatory approvals and other closing conditions. The price for this acquisition is whooping $7.17 billion. Building on the partnership with Nokia announced in February 2011 and the increasing success of Nokia’s Lumia smartphones, Microsoft aims to accelerate the growth of its share and profit in mobile devices through faster innovation, increased synergies, and unified branding and marketing. For Nokia, this transaction is expected to be significantly accretive to earnings, strengthen its financial position, and provide a solid basis for future investment in its continuing businesses. http://www.microsoft.com/en-us/news/press/2013/Sep13/09-02AnnouncementPR.aspx

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