Microsoft Finalizes $7 Billion Acquisition of Nokia
Microsoft entered into an agreement to purchase Nokia back in September 2013. Seven months later the $7 billion acquisition has been finalized. On Friday, April 25, 2014, Microsoft finalized its acquisition of the Nokia Devices and Services business.
“We are excited to share that we have completed the steps necessary to finalize Microsoft’s acquisition of the Nokia Devices and Services business,” said Brad Smith, General Counsel & Executive Vice President, Legal & Corporate Affairs, Microsoft. “This acquisition will help Microsoft accelerate innovation and market adoption for Windows Phones. In addition, we look forward to introducing the next billion customers to Microsoft services via Nokia mobile phones.”
Back in September 2013, Microsoft announced that it entered an agreement to purchase the Nokia Devices and Services business for about $7.4 billion. It took 7 months for the acquisition deal to go through. As of April 25th, 2014, the Microsoft-Nokia acquisition has finalized. Nokia joins the Microsoft family as a semi-autonomous affiliate called Microsoft Mobile.
What did Microsoft get for more than seven billion? The acquisition covers Nokia’s smartphone and mobile phone businesses, the design team, manufacturing and assembly facilities and operations, sales and marketing support, the Nokia.com domain and the Nokia social media sites.
Now that it acquired Nokia, Microsoft will focus on accelerating its share of smartphones and feature phones in developed and emerging markets. Microsoft will also focus on increasing its role as a devices and services company.
“Nokia certainly has a tremendous depth of experience in the design, the manufacturing and delivery of devices,” said Stephen Elop, former Nokia CEO and now executive vice president of the Devices Group at Microsoft. “Nokia over the years has literally delivered billions of devices. Just in the last year alone, some hundreds of millions.”
Elop also said that former Nokia employees are now “very excited to be joining Microsoft”.
“We are excited to share that we have completed the steps necessary to finalize Microsoft’s acquisition of the Nokia Devices and Services business,” said Brad Smith, General Counsel & Executive Vice President, Legal & Corporate Affairs, Microsoft. “This acquisition will help Microsoft accelerate innovation and market adoption for Windows Phones. In addition, we look forward to introducing the next billion customers to Microsoft services via Nokia mobile phones.”
Back in September 2013, Microsoft announced that it entered an agreement to purchase the Nokia Devices and Services business for about $7.4 billion. It took 7 months for the acquisition deal to go through. As of April 25th, 2014, the Microsoft-Nokia acquisition has finalized. Nokia joins the Microsoft family as a semi-autonomous affiliate called Microsoft Mobile.
What did Microsoft get for more than seven billion? The acquisition covers Nokia’s smartphone and mobile phone businesses, the design team, manufacturing and assembly facilities and operations, sales and marketing support, the Nokia.com domain and the Nokia social media sites.
Now that it acquired Nokia, Microsoft will focus on accelerating its share of smartphones and feature phones in developed and emerging markets. Microsoft will also focus on increasing its role as a devices and services company.
“Nokia certainly has a tremendous depth of experience in the design, the manufacturing and delivery of devices,” said Stephen Elop, former Nokia CEO and now executive vice president of the Devices Group at Microsoft. “Nokia over the years has literally delivered billions of devices. Just in the last year alone, some hundreds of millions.”
Elop also said that former Nokia employees are now “very excited to be joining Microsoft”.
