Microsoft’s purchase of Nokia’s handset business closed today as expected — nearly eight months after it was first announced.
Microsoft stated during its Q1 2014 earnings call yesterday that it believed the Nokia sale would close today, yet a few hangups led to some minor changes to the terms of the deal, Reuters reports. Two factories, one in India and another in China, were reportedly left out of the deal due to tax disputes. And Microsoft’s expected purchase price of $7.2 billion reportedly rose by approximately $320 million to a potential final sale price of $7.52 billion.
As VentureBeat reported earlier this week, “Microsoft hasn’t stated officially what it will call its new unit, but a leaked memo unearthed by Nokia Power User points to an obvious moniker: Microsoft Mobile.” Former Nokia chief executive Stephen Elop is expected to run Microsoft’s Xbox and tablet businesses following the sale transition.
This news closely follows Microsoft’s first quarter with new chief Satya Nadella at the helm. “This business of ours is exciting because it doesn’t respect tradition, what we’ve done in the past,” said Nadella.
While Microsoft has operated in the smartphone business for quite a while, hopefully Nadella plans to shake up the company’s strategy now that it fully owns Nokia’s handset business.
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