Technology, Smartphones, Games

Microsoft’s acquisition of Nokia is formally complete, in a deal worth over $7.2 Billion

Microsoft Corporation have concluded the deal to bring Nokia under its wing.

Satya Nadella and Stephen Elop

The acquisition is reportedly worth over the initially reported amount, $7.2 Billion. Last week we reported that the deal was in it’s final stages, as an email sent out by Nokia confirmed the company’s name had been changed to Microsoft Mobile Oy.

Today, Microsoft have officially announced the acquisition. This is what Microsoft’s CEO Satya Nadella had to say about it:

“Today we welcome the Nokia Devices and Services business to our family. The mobile capabilities and assets they bring will advance our transformation,” said Nadella. “Together with our partners, we remain focused on delivering innovation more rapidly in our mobile-first, cloud-first world.”

Former Nokia President and CEO Stephen Elop, will take up his new duties as the Executive Vice President of the Microsoft Devices Group, which includes Lumia devices, Nokia devices, Xbox hardware, Surface, Perceptive Pixel (PPI) products, and accessories.

Microsoft have announced that they will be honouring all existing Nokia customer warranties for existing devices, beginning April 25, 2014. It’s not all good news however, Nokia is reportedly shutting down its manufacturing plant in Masan, South Korea. Nokia have also excluded their manufacturing plant in Chennai, India, due to ongoing tax problems with the Indian Officials.

Image Credit: Microsoft

Sources: Microsoft, TOI