Nokia Shareholders Approve Microsoft Buyout
Nokia's shareholders today approved Microsoft's proposed acquisition of the company's handset business, according to the Financial Times. About 80% of Nokia's shareholders sided with management in favoring the deal, which will see Nokia's phone-making unit sold to Microsoft for $7.2 billion. Microsoft believes the deal will strengthen the footing of its Windows Phone platform. Nokia's Lumia-branded smartphones represent the lion's share of Windows Phones sold throughout the world. Nokia will still hold onto its networking business. Nokia CEO Stephen Elop is expected to run the new hardware division from Microsoft's headquarters in Redmond. The deal still needs to meet regulatory approval.
Nokia and Samsung Settle Patent Licensing Deal
Nokia today said it has reached an agreement with Samsung over the licensing of its wireless patents. The companies have been disputing the value of Nokia's patents since Nokia sold its handset division to Microsoft.
Microsoft Prepared to Cut More Jobs
Microsoft is planning to announce a new round of layoffs as early as today, reports the New York Times. Many of the cuts will target employees in Microsoft's hardware group, such as the smartphone unit it bought from Nokia in 2014.
Nokia Pins Smartphone Comeback on HMD Global
Nokia today said it plans to return to the smartphone business during the first half of 2017 through its partnership with HMD Global. HMD Global recently completed a series of transactions between HMD, FIH Mobile Limited, and Microsoft that will allow it to make phones bearing the Nokia brand.
Nokia Reiterates Path to New Phones Is Complicated
Nokia has again affirmed its plans to bring Nokia-branded handsets back to the market eventually, but warned that things won't be as they were. Nokia sold its handset division to Microsoft in 2014.
Its a Shame
As for making money, they still have to compete ...