Microsoft Corporation on Tuesday said it would purchase
Nokia's mobile phone business for 5.44 billion euros, and the Finnish firm said
its CEO, Stephen Elop, would join Microsoft when the deal closed.
Finland’s Nokia, once the acknowledged leader in mobile
phones, has been stressed to respond to the challenge from Smartphone makers
such as Apple and Samsung. Analysts say Mr Elop’s bold bet in 2011 to take on
Microsoft’s unproven Windows Phone software has yet to pay off.
The deal is likely to close in the first quarter of
2014 and is subject to approval by Nokia’s shareholders and regulatory
approvals. Nokia partnered in 2011 with Microsoft and uses Microsoft’s Windows
software to run its mobile phones.
Nokia, once a global leader in the mobile phone market,
has struggled in recent times amid increased competition from rivals such as
Samsung and Apple.
Microsoft has battled to stay related as consumers have
shifted from using its core Windows software for PCs toward mobile devices from
Apple and others. Face book and Google have also pushed ahead in social
networking and online advertising, areas where Microsoft remains weak.
Microsoft will buy the Asha brand phones and will
license the Nokia brand for use with current Nokia mobile phone products. Nokia
will carry on owning and managing the Nokia brand.
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