• search
For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts

Microsoft set to take over Nokia phone business for 5.44 billion euros

|

Microsoft set to take over Nokia
New York, Sept, 3: Microsoft Corp on Tuesday announced that it would buy Nokia's mobile phone business for 5.44 billion euros, There is also news that Nokia's CEO, Stephen Elop, would join Microsoft when the transaction closed.

Reuters reported that the deal is expected to close in the first quarter of 2014 and is subject to approval by Nokia's shareholders and regulatory approvals. Nokia partnered in 2011 with Microsoft and uses Microsoft's Windows software to run its mobile phones.

Nokia was struggling to respond to the challenge from other mobile companies

"It's a bold step into the future - a win-win for employees, shareholders and consumers of both companies," Microsoft's outgoing CEO, Steve Ballmer, said in a statement. "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,"he added

Nokia said in a statement Elop, along with their senior executives, would transfer to Microsoft when the deal was concluded but it did not say what roles they would take at Microsoft. Nokia board chairman Risto Siilasmaa would take over CEO duties while the Finnish firm looked for a new CEO, it said.

Finland's Nokia, once the undisputed leader in mobile phones, has been struggling to respond to the challenge from smartphone makers such as Apple and Samsung.

OneIndia News

For Daily Alerts
Get Instant News Updates
Enable
x
Notification Settings X
Time Settings
Done
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X
We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Oneindia sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Oneindia website. However, you can change your cookie settings at any time. Learn more
X