Nokia completes sale of devices and services business to Microsoft

|About: Nokia Corporation (NOK)|By:, SA News Editor

Nokia (NOK) says the sale of its handset business to Microsoft (MSFT) has been completed after the companies agreed to leave two factories in India and Korea out of the deal.

NOK now expects the final sales price to rise slightly above the previously announced €5.44B ($7.52B).

Due to the ongoing tax dispute with Indian authorities which presumably was holding up the deal, NOK will operate the Chennai factory as a contract manufacturing unit for MSFT.

The sale ends the production of all NOK mobile phones by the former world leader, which has lost out in the smartphone race against Samsung, Apple's iPhone and cheaper manufacturers in Asia.