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Nokia, Microsoft complete $7.5B cellphone deal

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Posted April 29, 2014
Nokia, Microsoft complete $7.5B cellphone deal
The Nokia headquarters building in Keilaniemi, Espoo, Finland, displays a banner saying they are moving Friday April 25, 2014. Nokia headquarters are “On the move” to join Nokia Solutions and Networks’ headquarters in Karakallio, Espoo. Nokia said Friday it has completed the 5.44 billion-euro ($7.5 billion) sale of its troubled cellphone and services division to Microsoft Corp., ending a chapter in the former world leading cellphone maker’s history that began with paper making in 1865. The closure of the deal, which includes a license to a portfolio of Nokia patents to Microsoft Corp., follows delays in global regulatory approvals, and ends the production of mobile phones by the Finnish company, which had led the field for more than a decade, peaking with a 40-percent global market share in 2008. (AP Photo/Lehtikuva, Mikko Stig)

Nokia says it has completed the 5.44 billion-euro ($7.5 billion) sale of its troubled cellphone and services division to Microsoft, ending a chapter in the former world leading cellphone maker’s history that began with paper making in 1865.

The Friday closure of the deal, which includes a license to a portfolio of Nokia patents to Microsoft Corp., follows delays in global regulatory approvals and ends the production of mobile phones by the Finnish company, which had led the field for more than a decade, peaking with a 40-percent global market share in 2008.

Nokia said the total transaction price would be “slightly higher” than when it was originally announced on Sept. 3 because of adjustments made for net working capital and cash earnings. The deal was to have closed during the first quarter but was held up because of delays in approvals, including from China.

Read more at: Phys.org

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