MICROSOFT FINALY TAKES OVER MAJOR SHARE IN NOKIA AND MADE SOME CHANGES IN THE BOARD.

Deal worth $7 .2bn to give US- based software company access to Finnish mobile -
phone maker ' s patents and devices .
Microsoft is buying Nokia' s devices and services business - and getting access to
the company' s patents - for a total of $ 7.2 bn in an effort to expand its share of
the smartphone market .
The corporations announced the deal late on Monday , saying that Microsoft will
pay $ 5bn for the Nokia unit that makes mobile phones, including its line of Lumia
smartphones that run Windows Phone software .
Microsoft is also paying $2 .2bn for a 10- year licence to use Nokia' s patents, with
the option to extend it indefinitely.
" We are very excited about the proposal to bring the best mobile device efforts of
Microsoft and Nokia together ," Steve Ballmer, Microsoft CEO , said in a memo to
employees.
" We are receiving incredible talent, technology and IP [intellectual property ] ."
Microsoft said it was acquiring Nokia' s Asha brand of low to mid- level
smartphones and will license the Nokia brand for current Nokia mobile products.
Overseas cash resources
Microsoft, which is based in Redmond , Washington , said it would draw from its
overseas cash resources to fund the transaction .
When the deal closes in early 2014 , about 32, 000 Nokia employees will transfer to
Microsoft, the companies said .
Stephen Elop is to step aside as president and CEO of Nokia to become executive
vice president of devices and services.
Risto Siilasmaa , Nokia' s chairman, will stay in his current role and assume the
duties of interim CEO .
Elop is expected to join Microsoft at the close of the transaction , along with
several Nokia vice presidents .
Nokia plans to hold a news conference on Tuesday morning in Finland to discuss
the deal