Business

Microsoft to Acquire Nokia’s Device Business for $7.2 Billion

[Los Angeles Times]

Microsoft announced Monday that it would acquire Nokia’s mobile phone business in the latest blockbuster news that signals a massive transformation of the tech giant.

Just two weeks ago, the company revealed that Chief Executive Steve Ballmer would retire in the next 12 months. Last week, Microsoft said it had struck a deal with an activist investor, seeming to indicate the company was under pressure to revamp its business.

The deal with Nokia would do just that. It would push Microsoft even further from its roots as a software company to become the “devices and services” company that Ballmer has discussed in recent months.

“We are excited and honored to be bringing Nokia’s incredible people, technologies and assets into our Microsoft family. Given our long partnership with Nokia and the many key Nokia leaders that are joining Microsoft, we anticipate a smooth transition and great execution,” Ballmer said in a press release.

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