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Microsoft to buy Nokia devices and services business

  • Microsoft plans on buying Nokia's devices and services business in a deal valued by the company at $5.44B euros. 

    Nokia's CEO who once worked for Microsoft will rejoin the company after the deal completes. In a news release, Microsoft's CEO said the deal with bring Nokia's capabilities in various aspects such as hardware design to Microsoft. 

    When the deal closes in 2014, about 32,000 employees from Nokia will be transferred to Microsoft. 

    Ballmer announced in August that he was stepping down as CEO of Microsoft within the next 12 months. Microsoft said he will retire after the completion of a process to choose the next CEO. In the meantime, according to the company, Ballmer is leading Microsoft through the next steps of transforming itself to a services and devices company. 

    Tagged as: Microsoft, Nokia, Microsoft transformation, microsoft CEO Ballmer, Money News, Business News