Microsoft has announced jointly with Nokia that the software conglomerate will purchase Nokia’s hardware business for $7.1 billion with the aim of integrating the division into Microsoft beginning next year, when the transaction is expected to be complete and pending shareholder and regulatory approval. The decision to purchase the most important part of the current Nokia is not completely unexpected for Microsoft, but it did take longer for the conglomerate to commit to the purchase than most analysts expected.
The purchase will also mean that current Nokia CEO Stephen Elop will return to an executive role within Microsoft as a result of the integration of the hardware division, though what executive role he will play now is yet to be determined outside of heading the Nokia division. In addition, current head of Microsoft Devices and Entertainment Julie Larson-Green will join Elop within the new division at the conclusion of her current projects which include the Xbox One and Microsoft Surface. Nokia will begin the search for a new CEO while current chairman Risto Siilasmaa will serve as interim Nokia CEO.
More information is expected before dawn Tuesday morning as Nokia and Microsoft will hold a joint press conference regarding the acquisition, with more specific details expected regarding the makeup of the purchase and the positioning of key staff members. Nokia has also begun to celebrate the news, as seen by the above image being used on its Facebook page