As reported earlier in the week that Microsoft-Nokia deal will be concluded today, well it is now official as Microsoft announced that the $7.2 billion deal has been finalized. It’s been approved by shareholders, and all the government regulatory agencies around the world.
According to Satya Nadella, Microsoft CEO, “Today we welcome the Nokia Devices and Services business to our family. The mobile capabilities and assets they bring will advance our transformation. Together with our partners, we remain focused on delivering innovation more rapidly in our mobile-first, cloud-first world.”
Effective today, the leadership team in Nokia’s Devices & Services will move to Microsoft, former Nokia President and CEO, Stephen Elop will now report directly to Nadella. Elop will serve as executive vice president of the Microsoft Devices Group, overseeing an expanded devices business that includes Lumia smartphones and tablets, Nokia mobile phones, Xbox hardware, Surface, Perceptive Pixel (PPI) products, and accessories.
Microsoft and Nokia first formed a strategic partnership to build mobile devices together in February 2011, the result of the partnership brought about the line of Lumia smartphones. In September 2013, Microsoft entered into an agreement to purchase the Nokia Devices and Services business which is now a done deal.
Two factories were excluded from the deal – the Chennai factory in India and also the Masan factory in South Korea. Some other changes came into the acquisition as the final price is expected to be slightly higher than the initially announced.
‘Microsoft will continue to deliver new value and opportunity, and it will work closely with a range of hardware partners, developers, operators, distributors and retailers, providing platforms, tools, applications and services that enable them to make exceptional devices. With a deeper understanding of hardware and software working as one, the company will strengthen and grow demand for Windows devices overall.’
Image Credit: Microsoft
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