It happened: Microsoft to buy Nokia’s devices division for $7.7 billion

After years of rumors about what former Microsoft executive and current Nokia CEO Stephen Elop had in mind for the world’s most prominent Windows Phone brand, it’s official: Microsoft is buying Nokia’s Devices and Services division for 5.44 billion euros, or just over $7.7 billion.

The deal will give Microsoft control of Nokia’s smartphone manufacturing, and 32,000 people who worked for Nokia last week now work for Microsoft, pending the completion of the deal, which the companies said was expected to close in the first quarter of 2014.

“We will continue to build the mobile phones you’ve come to love, while investing in the future – new phones and services that combine the best of Microsoft and the best of Nokia,” said Elop and Microsoft CEO (for now) Steve Ballmer, in an open letter published on Microsoft’s site.

SOURCE: gigaom.com