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.
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