Nokia shareholders have approved a deal that sees Microsoft acquire its mobile phone division, reports the AFP.
The 5.44 billion euro ($7.35 billion) sale was nearly (99.7%) unanimously approved by shareholders who voted ahead of a meeting in Helsinki. Nokia will now become a telecom equipment and services company.
Under the terms of the agreement, Microsoft will pay EUR 3.79 billion to purchase substantially all of Nokia’s Devices & Services business, and EUR 1.65 billion to license Nokia’s patents, for a total transaction price of EUR 5.44 billion in cash. Microsoft will draw upon its overseas cash resources to fund the transaction. The transaction is expected to close in the first quarter of 2014.
It's unclear if Microsoft plans to rebrand the Nokia Lumia smartphones under its Surface brand or if it will continue as is.
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