Microsoft is all set to buy the Nokia for $7.2 billion.

MS_Nokia1

Finland based mobile phone giant who ruled the market of mobile phones for over 10 years is now ready
to be sold to tha another IT giant i.e. Microsoft Inc, USA.

Sources said, Microsoft is all set to buy Nokia along with the access to its patent rights for an amount of $7.2 billion. Nokia’s share in the market of mobile phones has been minimizing for last few years due to the entrance of its major competitor “Samsung”.

Nokia primarily selling the smart phones with the Microsoft operating system while its competitors mobile phones are running on the Android operating system.

Nokia, based in Espoo, Finland, said Stephen Elop will step aside as CEO to become executive vice president of Nokia devices and services.

This deal is likely to close in the begining of 2014 and Elop will join Microsoft at the close of the transaction, along with the other Nokia vice presidents.

The future of 32000 employees of the Nokia will be taken care by Microsoft since they will be placed
in the Microsoft itself in 2014.