$7.2 billion Nokia – Microsoft deal is coming to official closure by the end of April 2014 and after closing the deal Nokia handsets and business services firm will be reportedly renamed as Microsoft mobile Oy.
According to reports, a letter from Nokia was sent to one of its sellers in Finland stating that Microsoft deal was about to close by end of April. Stephen Elop, CEO and President of Nokia will lead the Nokia division under the name of Microsoft. It’s also reported that Nokia will function as usual after the Microsoft acquisition.
The leaked letter said that after the proposal was done, the Nokia Corporation/Nokia Oyj would be renamed as Microsoft Mobile Oy.
According to the terms of the deal, Microsoft will own all the profits, sales and services, business, VAT IDs and issuance of invoices.
If you still don’t know what this Oy in front of Microsoft Mobile, read this – Public stock company is Finnish abbreviation for Oyj whereas Oy is for Corporation.
Microsoft has even bought the rights of brand names Lumia and Asha. According to the deal, Nokia will make a Smartphone or a phone using its name till the end of 2015.
The deal doesn’t make the end of Nokia, but just the name “Nokia” the world knows. Microsoft’s deal includes Nokia’s mobile phones division that make feature phones, but not the network equipment business division and maps. Microsoft also bought the licence of Nokia brand name for the coming 10 years as per the deal.
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