End of an Era: Microsoft purchases Nokia Device and Services business

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Its official, Microsoft has purchased Nokia’s device and services business.

The past couple years Microsoft and Nokia have created a unique business relationship; one that required Nokia to abandon its proprietary mobile operating system in exchange for one built by Microsoft. In exchange for the adoption, Microsoft agreed to support Nokia by providing the company with unique resources and monetary compensation.

Today, we have confirmation that there will no longer be a partnership. Microsoft has purchased Nokia for $5.4 billion EUR and will gain control of Nokia’s Devices & Services business, license Nokia’s patents, and license and use Nokia’s mapping services.

Furthermore, effective immediately Stephen Elop will step aside as President and CEO of Nokia Corporation, resign from the Board of Directors, and will become Executive Vice President, Devices & Services. While the transaction has been announced it will first need approval by Nokia shareholders, regulatory approvals and other customary closing conditions.

The transaction is expected to close in the Q1/2014. Details of the transaction will be broadcast on a live webcast on Sept 3 at 11 am (Finnish time).   Source : Nokia 1 , 2