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Microsoft buys out Nokia's Devices and Services unit for €3.79 billion

Microsoft finally buys out Nokia
Microsoft finally buys out Nokia
Microsoft purchases Nokia's mobile unit and its patent portfolio for a total sum of €5.44 billion, making Stephen Elop a frontrunner for the CEO job.

On the heels of a failed bid by Microsoft to purchase Nokia this past June, the two companies appear to have finally come to an agreement regarding a sale. The reveal was made today in a joint press release, while Microsoft CEO Steve Ballmer and Nokia CEO Stephen Elop penned a blog post together announcing the decision.

The total value of the sale comes in at €5.44 billion (~$7.17 billion), with €3.79 billion going to purchase Nokia's Devices and Services business and the other €1.65 billion going towards Nokia's patent portfolio. The transaction is expected to close by the first quarter of 2014 and around 32,000 Nokia employees (4,700 of them in Finland) will transfer to Microsoft. 

This latest news comes just weeks after Microsoft CEO Steve Ballmer announced that he would be leaving the company within the next 12 months, following the appointment of a successor. At that time, Stephen Elop was heavily rumored to be a frontrunner for the position, and this latest sale can only strengthen his chances of being appointed CEO.

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> Notebook / Laptop Reviews and News > News > News Archive > Newsarchive 2013 09 > Microsoft buys out Nokia's Devices and Services unit for €3.79 billion
Author: Omar Qudsi, 2013-09- 3 (Update: 2013-09- 3)