Microsoft agreed to buy Nokia's mobile unit

On 03/09/2013, Microsoft announced a definitive agreement to acquire Nokia’s Devices and Services business for approximately €5.44 billion, or about $7.2 billion. The transaction included Nokia’s smartphone and mobile phone operations, including the Lumia lineup and the Asha series of lower-cost devices. Microsoft said the acquisition would accelerate its strategy to become a devices and services company and strengthen its position in the global smartphone market. The agreement also included a 10-year non-exclusive license to Nokia’s patent portfolio. Microsoft allocated €1.65 billion of the total purchase price to patent licensing and related intellectual property arrangements. The deal involved the transfer of roughly 32,000 employees from Nokia to Microsoft, including then-CEO Stephen Elop, who returned to Microsoft to lead the company’s Devices group following the announcement. Microsoft stated that the acquisition would allow closer integration between Windows Phone software, Microsoft services, and Nokia hardware. Outgoing CEO Steve Ballmer described the move as part of a broader shift toward building both devices and services to compete with Apple and Google. The September 2013 agreement was later completed on 25/04/2014 after regulatory approvals and final closing steps.