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Breaking: Microsoft To Buy Nokia’s Device Business in Deal Worth $7.17 Billion
Posted on 9/2/13 at 10:49 pm
Posted on 9/2/13 at 10:49 pm
quote:
Microsoft announced late Monday that it is buying the majority of Nokia’s cell phone unit for 3.79 billion Euros ($5.0 billion) and spending another 1.65 billion Euros ($2.18 billion) to license Nokia’s patent portfolio for a total of 5.44 billion euros ($7.17 billion).
Once the deal is done, a number of Nokia executives will join Microsoft including Stephen Elop, a former Microsoft executive seen as among the top contenders to replace CEO Steve Ballmer. Also set to join Microsoft are Jo Harlow, Juha Putkiranta, Timo Toikkanen and Chris Weber.
For now, Elop is stepping aside as Nokia CEO to become executive VP of devices and services. Nokia Chairman Risto Siilasmaa will serve as interim CEO.
“For Nokia, this is an important moment of reinvention and from a position of financial strength, we can build our next chapter,” said Siilasmaa “After a thorough assessment of how to maximize shareholder value, including consideration of a variety of alternatives, we believe this transaction is the best path forward for Nokia and its shareholders.”
The move is a clear sign that Microsoft believes it can and must succeed in the phone business and that it cannot afford to leave the success in the hands of a partner–even one like Nokia that had bet its future on Microsoft’s phone software.
LINK
This post was edited on 9/2/13 at 11:02 pm
Posted on 9/2/13 at 11:03 pm to stendulkar
Holy goodness...well the next CEO now has his deck of cards to play with. Risky play.
Posted on 9/2/13 at 11:11 pm to lynxcat
The current Nokia CEO Stephen Elop is the front runner to succeed Steve Ballmer.
Posted on 9/2/13 at 11:14 pm to stendulkar
Wonder if this has anything to do with that activist investor joining their board?
Posted on 9/3/13 at 12:33 am to stendulkar
$7.2B cash, i.e. ~$1.92 per share? So add the $1.92 to the $4 ish price, are we looking at NOK pushing $6 tomorrow?
Posted on 9/3/13 at 12:34 am to lynxcat
This sounds like a terrible decision on the surface.
Posted on 9/3/13 at 2:46 am to LSUtoOmaha
quote:
This sounds like a terrible decision on the surface.
ISWYDT
All kidding aside, it will take quite a bit more than this to compete effectively but they appear to understand this will be a long slog if they have any chance at all.
Posted on 9/3/13 at 4:14 am to foshizzle
HEL:NOK1V up 36% on the day so far in Europe
NOK also up 36% in pre-market trading at NYSE...current bid $5.34. Friday close was $3.90.
NOK also up 36% in pre-market trading at NYSE...current bid $5.34. Friday close was $3.90.
Posted on 9/3/13 at 10:33 am to stendulkar
Only wish I had more NOK.
Posted on 9/3/13 at 5:28 pm to stendulkar
quote:
Microsoft
quote:
Nokia
Apple & Google
:stacked:
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