Microsoft Buys Nokia's Device Business
Microsoft announced Monday night that it has acquired the device and services business of Nokia, the former mobile phone colossus and its major partner in the Windows Phone business.
According to Reuters, the deal is for $7.2 billion. Multiple media reports speculate that Nokia's CEO, Stephen Elop, will become a candidate to succeed Steve Ballmer as CEO of Microsoft. Elop will become head of Microsoft's mobile devices business.
Nokia will retain its networking equipment business and retain patents.