In a surprise move, Microsoft announced Monday evening that it has inked a deal with Nokia to acquire “substantially all of Nokia’s Devices & Services business, license Nokia’s patents, and license and use Nokia’s mapping services.”
The total price of the deal is EUR 5.44 billion in cash, which is currently worth $7.17 billion in U.S. dollars.
Nokia's shareholders have approved the sale of its devices & services unit to Microsoft at an EGM held today in Helsinki, the FT reports. The transaction is still expected to close in the first quarter of next year, with Nokia in a caretaker role of its own mobile making division until early 2014.
It's the end of an era for Nokia.