Microsoft to buy Nokia for $ 7.7 b
PTI, MUMBAI | 03 September 2013 23:43 IST
Software giant Microsoft Tuesday said it will acquire Finnish handset maker Nokia’s handset business for 5.44 billion euros (USD 7.17 billion) in cash, in an effort to strengthen its position in the smartphone market.
Under the terms of the agreement, Microsoft will pay 3.79 billion euros to purchase all of Nokia’s devices and services business and 1.65 billion euros to getting access to Nokia’s patents — a total of 5.44 billion euros in cash, Microsoft said in a statement.
Microsoft will draw upon its overseas cash resources to fund the transaction. The deal is expected to close in the first quarter of 2014, subject to approval by Nokia’s shareholders, regulatory clearances and other closing conditions, it added.
The acquisition will also include licence and use of Nokia’s mapping services.
In July 2011, Nokia had announced that it would partner Microsoft to use its Windows software for its Lumia range of smartphones.
“It’s a bold step into the future a win-win for employees, shareholders and consumers of both companies.
Bringing these great teams together will accelerate Microsoft’s share and profits in phones, and strengthen the overall opportunities for both Microsoft and our partners across our entire family of devices and services,” Microsoft CEO Steve Ballmer said in a statement.
In addition to their innovation and strength in phones at all price points, Nokia brings proven capability and talent in critical areas such as hardware design, engineering, supply chain, manufacturing management, hardware sales, marketing and distribution, he added.
Five recent tech acquisitions
2013 May – Yahoo bought Tumblr for $ 1.1 billion
2012 May – Google acquires Motorola Mobility for $13 billion
2012 April – Facebook buys Instagram for about $1 billion in cash and stock
2011 November – Oracle buys Art Technology Group for about $1 billion
2011 May – Microsoft buys Skype for $8.5 million
Drop a comment
Latest News
- Microsoft to buy Nokia for $ 7.7 b
- Phablet market doubles in India
- Now, IT raids Mickky
- Digambar awaiting HM proposal to ban Sanatan
- No scope for Goa's tourism dev: Mickky
- Mobiles allowed in Assembly from Budget session
- Drug trade money into foreigners' properties?
- ZP polls peaceful, mild lathicharge in Fatorda
- Centre not giving rightful place to Goa: Mickky
- Goa should decide which way to go: Selja
InfoTech
- Goa's IT bus will overtake all Southern states: Parsekar
- Project Goa will bring Virtual Reality to any Smartphone
- WhatsApp’s end-to-end encryption is legal in India, but it may not remain
- Airtel launches 4G services in Goa
- India Zooms Towards Desi GPS With ISRO's Latest Satellite Launch
- President to declare Kerala as first digital state today
- Uganda blocks Facebook, Twitter on election day
- Parrikar to launch India's cheapest mobile @Rs 500
- Idea to launch 4G in Goa, Maharashtra, North East
- Take IT to villages; get Goan youngsters back to Goa
