Microsoft have purchased Nokia’s Devices and Services business for £4.6billion.
£3.22bn of the fee is for “substantially all” of the company’s phone section, while another £1.42bn is being spent to license it’s patents.
As part of the move, Nokia CEO Stephen Elop will step down from his position to become executive vice president of the division. The purchase will fully complete in the first quarter of 2014 pending approval by Nokia shareholders.
Outgoing Microsoft CEO Steve Ballmer commented on the agreement;
“[It is] a win-win for employees, shareholders and consumers of both companies.
“Bringing these great teams together will accelerate Microsoft’s share and profits in phones, and strengthen the overall opportunities for both Microsoft and our partners across our entire family of devices and services.”
Microsoft will gain 32,000 Nokia employees as part of the purchase.