Wednesday, 4 September 2013





Microsoft and Nokia which got left behind in technology stakes, have teamed up. Microsoft is buying Nokia's line-up of smartphones and a portfolio of patents and services in attempt to strengthen its fight with Apple and Google to capture a slice of the lucrative mobile computing market.

The EUR 5.44 billion ($ 7.2 billion) deal announced late on Monday marks a major step in Microsoft's push to transform itself into a company that delivers services on any kind of Internet-connected gadget.


"It's a bold step - a win-win for employees, shareholders and consumers of both companies," - Microsoft CEO Steve Ballmer

"It's very clear to me that rationally this is the right step going forward," Elop told reporters.  He also added that he felt sad. "I feel sadness because inevitably we are changing Nokia and what it stands for.

  
8 Key Points

  1. Nokia CEO Stephen Elop will be transferred to Microsoft (Board of Directors)
  2. This deal sparks the speculation that Stephen Elop, who will step down as Nokia CEO and President to emerge as successor to Steve Ballmer next year (2014).
  3. Elop to be replaced by Nokia Chairman Risto Slilasmaa.
  4. Nokia sold 7.4 million Lumia smartphones in the second quarter of 2013.
  5. Microsoft gets a 10-year non- exclusive license to Nokia’s patents. Nokia will retain its patents at the time of the deal closing.
  6. Microsoft will finance the deal using $70 billion to Nokia in the form of three payments of $659 million (€500) from overseas resources.
  7. 32,000 Nokia employees will transfer to Microsoft, including 4,700 people in Finland.
  8. Nokia shareholders are expected to vote on the deal in an extraordinary general meeting on November 19 this year (2013).
You can also check out the Official Microsoft Press News and Official Nokia Press News regarding this deal.

Nokia is hosting a press conference today, Tuesday, Sept. 3, at 11 a.m. EEST in Dipoli, Espoo (Otakaari 24) and the live webcast of the press conference is available at http://press.nokia.com



The transaction is expected to close in the first quarter of 2014, subject to approval by Nokia shareholders, regulatory approvals and other customary closing conditions - See more at: http://press.nokia.com/2013/09/03/nokia-to-sell-devices-services-business-to-microsoft-in-eur-5-44-billion-all-cash-transaction/#sthash.9AZW2Cak.dpuf
The transaction is expected to close in the first quarter of 2014, subject to approval by Nokia shareholders, regulatory approvals and other customary closing conditions - See more at: http://press.nokia.com/2013/09/03/nokia-to-sell-devices-services-business-to-microsoft-in-eur-5-44-billion-all-cash-transaction/#sthash.9AZW2Cak.dpuf

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