Microsoft Acquires Nokia Devices and Services for $7B

Nokia is already a big proponent of the Windows Phone brand, but Microsoft just solidified the manufacturer's future by buying the company in a deal worth $7.2 billion.

Microsoft will snag Nokia Devices and Services for $5 billion (€3.79B), which will give the Redwood company control over the Finnish manufacturer's mobile brands, including the Lumia line. The deal also includes $2.1 billion (€1.65B) to license Nokia's patents and mapping patents for the next ten years.

“It’s a bold step into the future – a win-win for employees, shareholders and consumers of both companies. Bringing these great teams together will accelerate Microsoft’s share and profits in phones, and strengthen the overall opportunities for both Microsoft and our partners across our entire family of devices and services,” said Steve Ballmer, Microsoft chief executive office in a statement.

When the deal is finalized, some 32,000 employees will move over to Microsoft, and the leadership at Nokia, such as current CEO Stephen Elop, will undergo some changes to realign with positions at Microsoft. It's a big move that shows Microsoft is committed to the mobile game, and could impact consoles as well down the line.