Microsoft Swallows Nokia’s Phone Business For $7.2 Billion [Photo]
Microsoft will purchase Nokia’s phone business and license its patents for 5.44 billion euros ($7.2 billion). Once dominating the global phone market, Nokia’s mobile business fell prey to competition from Apple Inc and Samsung Electronics once the mobile industry shifted to smartphones. 32,000 Nokia employees will now join Microsoft in an attempt to turn the Finnish mobile phone pioneer into the engine for Microsoft’s mobile efforts. Stephen Elop, the former Microsoft executive in control of Nokia will rejoin Microsoft, positioning him up as a potential successor to Microsoft’s chief executive Steven A. Ballmer who has said he will retire from Microsoft within 12 months.