Redmond have just announced that the anticipated takeover deal has been successfully completed. The companies finally got all the necessary approvals from the regulatory agencies across the globe.
Microsoft can now implement Nokia’s devices and services unit into its own business.
The press release from Nokia states that although the transaction was made with some minor adjustments, the material terms of the transaction remains unaffected. Which basically sees Microsoft paying Nokia in the ballpark of $7.17 billion for the unit.
This also includes a 10-year licensing deal of Nokia’s patent portfolio.
And interestingly prevents Nokia from making smartphones until 2016, which makes the future of the recently released Nokia X Android lineup of devices really fascinating.
Satya Nadella, Microsoft CEO said on the occasion:
“Today we welcome the Nokia Devices and Services business to our family. The mobile capabilities and assets they bring will advance our transformation. Together with our partners, we remain focused on delivering innovation more rapidly in our mobile-first, cloud-first world.”
The occasion was also celebrated on Microsoft’s own website, where the technology titan released the story with a bold and brave titles of remaking the mobile market.
Due to opposition from local authorities, this takeover does not include Nokia factories in Masan, South Korea and Chennai, India. Both will continue to operate under the Nokia umbrella.
And speaking of umbrellas, some 25,000 new employees will, however, be integrated into the Microsoft family as the company works to increase market share and lower the gaps between competing mobile platforms from Apple and Google.
Momentous occasion, all round, though. Truly momentous!