Microsoft to buy Nokia

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microsoftHelsinki: Microsoft Corp on Tuesday said it will buy Nokia’s mobile phone business for USD 7.2 billion.The deal is expected to close in the first quarter of 2014 and it is subject to approval by Nokia’s shareholders and regulatory approvals. Nokia partnered in 2011 with Microsoft and uses Microsoft’s Windows software to run its mobile phones.

Nokia said its chief executive, Stephen Elop, will move to Microsoft Corp (MSFT.O) when the deal to acquire Nokia’s handset business is closed.Nokia board chairman Risto Siilasmaa will take over CEO duties while the Finnish firm is looking for a new CEO.Elop was hired as Nokia CEO in 2010 from Microsoft.