Microsoft to buy Nokia mobile business for $7 billion

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Redmond, Wash.—Microsoft Corp. is acquiring the mobile phone business of Nokia Corp. in a deal worth approximately $7.18 billion. Nokia, based in Espoo, Finland, is the largest user of Microsoft mobile phone software, but such devices account for only 4.6% of the U.S. market, according to a July report by Kantar Worldpanel. The smartphone industry is currently dominated by Apple Inc., Google Inc. and Samsung Group. Nokia CEO Stephen Elop will join Microsoft as exec VP-devices and services, a new position at the company, according to a statement by Microsoft CEO Steve Ballmer. Nokia will continue to own its other technology units, including Nokia Solutions, Networks and the Nokia Here mapping service.
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