Microsoft Corporation has announced completion of the deal to acquire Nokia Devices and Services business.
The acquisition, which has been approved by Nokia shareholders and governmental regulatory agencies around the world, marks the first step in bringing the two businesses together as one team.
The acquisition process, which was announced in September, 2013, costs about $7.2 billion.
“Today we welcome the Nokia Devices and Services business to our family. The mobile capabilities and assets they bring will advance our transformation,” said Satya Nadella, Microsoft CEO “Together with our partners, we remain focused on delivering innovation more rapidly in our mobile-first, cloud-first world.”
Stephen Elop, former Nokia President and CEO will serve as executive vice president of the Microsoft Devices Group, overseeing an expanded devices business that includes Lumia smartphones and tablets, Nokia mobile phones, Xbox hardware, Surface, Perceptive Pixel (PPI) products, and accessories. He will be reporting to Satya Nadella, Microsoft CEO.