Microsoft late Monday
announced it is buying Nokia's smartphone and cellular handset business in a
deal worth $7.2 billion.
As part of the deal, Microsoft
will own the company which has been a leader in creating the Lumia line of
smartphones that run Microsoft's Windows Phone operating system. Microsoft is
paying $5 billion to buy Nokia's Devices & Services unit and an additional
$2.2 billion to license Nokia's patents for $2.2 billion.
The deal will be finalized in
early 2014, when about 32,000 Nokia employees will transfer to Microsoft.
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