On Tuesday, Microsoft announced its intention to acquire Nokia’s devices and services division in addition to licensing the company’s patents and mapping solutions.
The acquisition arrives with a 3.79 billion EUR price tag.
“It’s a bold step into the future – a win-win for employees, shareholders and consumers of both companies. Bringing these great teams together will accelerate Microsoft’s share and profits in phones, and strengthen the overall opportunities for both Microsoft and our partners across our entire family of devices and services,” commented Microsoft CEO Steve Ballmer through a press release.
The companies, meanwhile, signaled that the acquisition would likely “strengthen” Nokia’s financial position” in addition to providing “a solid basis for future investment in its continuing businesses.”
The acquisition is likely to be approved sometime early next year.
Nokia for a while has been using Windows Phone as its primary mobile OS platform. The company’s Lumia devices have been considered to be the company’s flagship product offerings.
Microsoft’s Windows phones have struggled, facing competition in a market still dominated by Android and Apple.