Microsoft to acquire Nokia’s Devices and Services Business for around $7.2 billion

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Microsoft is buying Nokia’s devices and services division the deal is expected to close in the first quarter of 2014, Microsoft will pay 3.79 billion Euros for Nokia’s business, plus another 1.65 billion Euros for its portfolio of patents.About 32,000 people are expected to transfer from Nokia to Microsoft, including 18,300 that are directly involved in manufacturing.Steve Ballmer who is about to leave Microsoft said that “this is a bold step into the future”.In an email he said the following

The Lumia 1020 as an example of what the companies could do together.Now is the time to build on this momentum and accelerate our share and profits in phones.

As part of the agreement, Nokia CEO and President Stephen Elop is stepping aside as of today he’s Nokia Executive Vice President of Devices & Services reporting to interim CEO Risto Siilasmaa, previously chairman of Nokia’s Board of Directors. Stephen Elop is expected to come back to Microsoft once the agreement is completed in the first quarter of 2014.

Krishna sai prasad