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Microsoft completes $7.5B acquisition of Nokia

2014-04-25 09:43 by
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Microsoft confirmed Friday it has completed its acquisition of Nokia's handset division, as the company moves to shift its business more toward the mobile and cloud markets. The new unit has been named "Microsoft Mobile Oy," and will act as a subsidiary. "Oy" is the Finnish equivalent to "Ltd." or "LLC," a limited liability company in the U.K. and the U.S., and to "GmbH" in Germany. Microsoft Mobile will be headquartered in Espoo, Finland. The final price may be "slightly higher" than the 5.44 billion euros ($7.5 billion) announced in September, Nokia said today. As a part of the deal, Microsoft also is acquiring approximately 25,000 new employees located in 50 countries, plus several factories that design and manufacture devices. Nokia will now focus on networks, mapping services and technology development and licenses, and said it will give more details of the deal and future plans when it releases first-quarter earnings on April 29 - the last report to include the ailing devices and services division.

"The new Nokia can now go forward and concentrate on its remaining assets," said Neil Mawston from Strategy Analytics, near London. "It has one of the best IPR (intellectual property rights) assets in the entire industry and it has good mapping services."

Microsoft's new handset division will begin selling phones using Windows Phone 8.1. A high-end device called 930 will debut in June and feature wireless charging, while two cheaper phones designed for emerging markets will become available in May.

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