4/25/2014 9:40:00 AM
Microsoft completes Nokia acquisition
Microsoft has officially completed the acquisition of Nokia’s devices and services business today (25 April).
The takeover was announced last September and the formal price of the transaction is EUR 5.44 billion (£4.47 billion). All of Nokia’s leadership team will transfer to Microsoft, including Stephen Elop, Jo Harlow, Juha Putkiranta, Timo Toikkanen and Chris Webber. Nokia’s interim governance model announced on 3 September is in place. Nokia will produce mobile devices for Microsoft.
The deal does not involve Nokia’s manufacturing facilities in Chennai, India and Masan in Korea, and employees in both locations face an uncertain future, although Nokia is offering support and financial assistance. Indian tax authorities’ freeze of Nokia’s assets ruled its Chennia base out of the transaction, while Masan, which employs 200 people, has been excluded.