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Microsoft says it is buying Nokia’s devices and services business, and getting access to the company’s patents, for a total of 5.44 billion euros ($7.2 billion) in an effort to expand its share of the smartphone market.
Nokia confirmed the deal in a joint news release from the two companies Monday night.
The move is likely to change the landscape of the mobile industry with big players like Apple and Samsung affected.
In the statement, Microsoft CEO Steve Ballmer says the deal will bring Nokia’s capability and talent in hardware design, engineering, manufacturing, sales, marketing and distribution to Microsoft.
The companies say that when the deal closes in early 2014, about 32,000 Nokia Corp. employees will transfer to Microsoft Corp.
Nokia plans to hold a news conference in Espoo, Finland, on Tuesday morning.