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Nokia, Microsoft Close $7.5B Deal

Fri, 04/25/2014 - 7:49am

HELSINKI (AP) -- Nokia Corp. says it has completed the 5.44 billion-euro ($7.5 billion) sale of its cellphone and services division to Microsoft Corp.

Friday's closure of the deal, which includes a license to a portfolio of Nokia patents, follows delays in global regulatory approvals, including from China.

The sale ends the production of all Nokia mobile phones by the former world leader, which has lost in the lucrative smartphone race against Samsung, Apple's iPhone and cheaper manufacturers in Asia.

The Finnish company will focus on networks, mapping services and technology development and licenses. It is expected to unveil future plans when it releases first-quarter earnings on April 29 — the last report to include the ailing devices and services division.

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