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.
Microsoft Corporation is a public multinational corporation headquartered in Redmond, Washington, USA that develops, manufactures, licenses, and supports a wide range of products and services predominantly related to computing through ... read more »
Nokia’s mission is simple: Connecting People. Our goal is to build great mobile products that enable billions of people worldwide to enjoy more of what life has to offer. Our challenge is to achieve this in an increasingly dynamic an... read more »
Powered by VBProfiles
Mobile developer or publisher? VentureBeat is studying mobile marketing automation.
Fill out our 5-minute survey
, and we'll share the data with you.