Microsoft said it has reached an agreement to acquire the handset and services business of Nokia for more than $7.1 billion, in an effort to transform Microsoft’s business for a mobile era that has largely passed it by. Microsoft will also license Nokia’s patent portfolio. 32,000 Nokia employees will join Microsoft as part of the deal.
Stephen Elop, the chief executive of Nokia and a former Microsoft executive, will rejoin Microsoft, setting him up as a potential successor for Steven A. Ballmer, who has said he will retire as chief executive of Microsoft within 12 months after a successor is found. It was my favourite phone, Nokia!!