Nokia completes sale of devices business to Microsoft

Nokia has completed the sale of substantially all of its Devices & Services business to Microsoft. The deal, first announced in September 2013, includes the transfer of core hardware operations and a patent licensing agreement.

While the original transaction price was set at 5.44 billion euros, Nokia expects the final figure to be slightly higher following standard adjustments for working capital. The scope of the assets transferred was narrowed during final negotiations: the Masan facility in South Korea will be closed, and the Chennai plant in India remains under Nokia's control due to an ongoing tax dispute with local authorities. Nokia has established a service agreement to manufacture devices for Microsoft at the Indian site.

With the closing of the deal, several senior executives, including Stephen Elop, have transferred to Microsoft. Nokia's board is scheduled to meet to determine the company's future strategic direction. Further financial details regarding the transition are expected to be disclosed in the upcoming quarterly report.