Nokia Is No Longer Connecting People- Its Been Sold to Microsoft.

According to reports coming out from Nokia, they have have ceased connecting people as Microsoft has completed the acquisition of Nokia’s handset division. This will boost the US technology group’s ambitions to create a leading mobile devices and services business.

The sale of Nokia’s mobile phones arm, which has struggled in the past few years under intense pressure from rivals such as Apple and Samsung, will be made at slightly more than the originally agreed price of €5.4bn.
Nokia on Friday did not disclose the exact figure, which will be adjusted for net working capital and cash earnings, although it confirmed that factories in India and Korea would not be transferred as part of the deal.

Microsoft said it would target the affordable mobile devices market, which it described as a “$50bn annual opportunity”, and deliver “the first mobile experience to the next billion people while introducing Microsoft services to new customers around the world”.
Satya Nadella, chief executive of Microsoft, added in a statement: “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.”
Microsoft will take on an additional 25,000 Nokia staff who work in the handset division, as well as the leadership team of Nokia chief executive Stephen Elop, Jo Harlow, Juha Putkiranta, Timo Toikkanen and Chris Weber.

Mr Elop, a former Microsoft executive, will become executive vice-president of Microsoft Devices, overseeing an expanded range that includes Lumia smartphones and tablets, Nokia mobile phones, Xbox hardware, the Surface tablet and accessories.