Mon, 8/09/14 – 17:28 | No Comment

Twitter has announced its first social commerce addition. When Twitter hired former Ticketmaster CEO Nathan Hubbard last year to head up their “commerce team,” it became obvious they were working on something. That something is …

Read the full story »
freelance

the latest news and trends emerging in the Freelance space

funding

up the minute reporting of all recent money raises, mergers & acquisitions

social commerce

social commerce is buying and selling stuff online with friends helping

software

startups

find cool sites reviewed daily and whether or not your should visit them

Home » Uncategorised

Microsoft to buy Nokia devices and services business

Submitted by dave on Friday, 6 September 2013 No Comment

Microsoft has inked a deal to buy Nokia’s mobile phone business as well as license Nokia’s patents and mapping services for EUR 5.44 billion (£4.6 billion).

Nokia’s Devices and Services business accounted for EUR 3.79 billion of the purchase price, while the remaining EUR 1.65 billion is paid for the patent licensing deal.

It should be noted that although Microsoft and Nokia entered into a partnership two years ago, this new deal indicates a more serious collaboration between the two firms.

The deal will see Stephen Elop stepping aside as President and Chief Executive Officer of Nokia to take on a new role as Microsoft’s “Nokia Executive Vice President of Devices & Services”.

The move has even sparked rumours that Elop will soon helm Microsoft.

Meanwhile, Microsoft CEO Steve Ballmer called the deal “a bold step into the future – a win-win for employees, shareholders and consumers of both companies.”

Aside from Nokia’s innovation in phones, the deal will also enable Microsoft to tap into Nokia’s proven capability in key areas such as supply chain and manufacturing management; hardware design and engineering; and hardware sales, distribution and marketing.

While this may seem to be the end for Nokia, the company still plans to move forward as somewhat of a standalone entity.

Nokia’s current interim CEO and board chairman Risto Siilasmaa said the deal marks “an important moment of reinvention” for the company. It also opens up new opportunities for Nokia employees.


Related Posts