It's done – Nokia has just announced the completion of the sale to Microsoft of "substantially" all of its Devices & Services business to Microsoft. "Substantially" since two factories were excluded from the deal – the Chennai factory in India, but also the Masan factory in South Korea.
The deal underwent other changes too – the final price is expected to be slightly higher than the initially announced €5.44 billion due to a positive adjustment in net working capital and cash earnings. The leadership team that led Devices & Services at Nokia has stepped down and is moving to Microsoft effective today. This includes former CEO Stephen Elop, Jo Harlow, Juha Putkiranta, Timo Toikkanen and Chis Weber.
Nokia will make another announcement on April 29 (next Tuesday) to provide further details of the transaction (presumably the fate of the Chennai factory and the final sales price).
You can read Stephen Elop's open letter here. On Monday, Elop will be answering questions at the Nokia Conversations blog.
Let's play the iconic Nokia Tune one more time as we close this large chapter in mobile history.
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UPDATE:
Images from Harri Kiljander (Director of F-Secure Lokki) show what appears to be Nokia House in Finland with a crane truck up front, preparing to take down Nokia’s logo and another photo showing the S and F from Microsoft’s logo, reportedly being prepared for mounting. The “On The Move” sign under the Nokia logo adds an air of irony to the otherwise saddening image.
In the aftermath of the deal Microsoft will acquire around 32 thousand employees (around 4 thousand of which in Finland and around 18 thousand directly connected to manufacturing), a 10-year non-exclusive license of Nokia’s patent portfolio and a robust devices business while Nokia walks away with the ripe sum of €5.44 billion.
Hopefully Microsoft, as biggest manufacturer of Windows Phones starting today, will not let down the millions of Nokia owners and fans and will continue to innovate as Nokia did.
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