Nokia devices now named as Microsoft after Nokia Acquisition Deal

Microsoft has finally done with Nokia acquisition deal which was completed by acquiring business of Nokia Devices and Services. Nokia made clear about the deal that was closed with an agreement of giving the license patents to Microsoft on April 25, 2014. The deal was announced on September 3, 2013 and finally came in existence. Company announced earlier that deal will close at 5.44 billion Euros but the transaction is estimated to reach higher than the preannounced transaction price. The transaction price is calculated as per the closing balance sheet which is made and calculated by estimated net operational capital and cash earnings.

Microsoft also declared that the company will respect the existing customers of Nokia and will heed warranties on Nokia's products from the day 1 which has been starting from April 25, 2014. Former Nokia President and CEO Stephen Elop will hold the position of Executive VP of the Microsoft Devices Group. This group will supervise the development of Nokia's Lumia series and all other Nokia products like phones, Xbox etc.

Microsoft's statement in a press conference explains, "Furthermore, with the Nokia mobile phone business, Microsoft will target the affordable mobile devices market, a $50 billion annual opportunity, and delivering the first mobile experience to the next billion people while introducing Microsoft services to new customers around the world." It also stated that Nokia's Masan, South Korea and Chennai plant will not be acquired by the biggest IT firm Microsoft. Further details about the transaction will present on April 29 during its first quarter 2014 results announcement.