You are hereNewsMicrosoft buys Nokia's phone business for $7.2 billion
5 September 2013 | Category: Electronics
Nokia has agreed to sell its phone, patents and mapping business to Microsoft. It's believed that 32,000 Nokia employees will all be offered jobs at Microsoft.
Finnish company Nokia was once a leader in the mobile market, but it's sales have declined in recent years as it failed to keep pace with the emerging competition.
Analysts see it as a painful, but necessary move by Nokia which no longer has the financial power to make a real challenge to the Apple and Android markets. Nokia will continue to run its mobile broadband business.
The deal will need regulatory approval. Many see it as a similar move to the one made by Google when they acquired Motorola.