Breaking: Microsoft buys Nokia's mobile business $7.17 billion
Monday, September 2, 2013 at 11:42PM
Updated on Tuesday, September 3, 2013 at 8:26AM by
Gadjo Cardenas Sevilla
By Gadjo Cardenas Sevilla
Microsoft just purchased Nokia's device business for $7.17 billion, effectively making Microsoft a true "devices and services company." The deal was announced late Monday night and is broken down as follows. Microsoft is buying "Nokia’s cell phone unit for 3.79 billion Euros ($5.0 billion) and spending another 1.65 billion Euros ($2.18 billion) to license Nokia’s patent portfolio for a total of 5.44 billion euros ($7.17 billion)," as per a report on AllThingsD.
The deal will also allow Microsoft to absorb various Nokia employees including CEO Stephen Elop, a former Microsoft VP, who will now step down and become VP of Devices and Services. Nokia Chairman Risto Siilasmaa will serve as interim CEO.