Microsoft Completes Acquisition of Nokia

Microsoft has finally completed its acquisition of mobile phone maker Nokia. The completion of the acquisition follows approval from Nokia shareholders and various governmental regulatory agencies around the world. Microsoft announced on Sept. 3 of last year that it intended to acquire Nokia for a total of $7.5 billion in cash. The deal consisted of approximately $5 billion and an agreement to license Nokia's patents for $2.17 billion.

Under the terms of the acquisition, Nokia president and CEO Stephen Elop will rejoin Microsoft as executive vice president of the Microsoft Devices Group and report to Microsoft CEO Satya Nadella. That group handles Lumia smartphones and tablets, Nokia mobile phones, Xbox hardware, Surface, Perceptive Pixel (PPI) products, and accessories.

"Today we welcome the Nokia Devices and Services business to our family. The mobile capabilities and assets they bring will advance our transformation," Nadella said in a prepared statement. "Together with our partners, we remain focused on delivering innovation more rapidly in our mobile-first, cloud-first world."

When Microsoft announced its plans to acquire Nokia, it had planned to transition 32,000 Nokia employees into the company. Now approximately 25,000 employees will move over to Microsoft. The different number is due mostly to Microsoft not acquiring a Nokia factory in Masan, South Korea, and the factory in Chennai, India, because its assets were frozen by the Indian tax authorities.

Source: Polygon

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