Nokia shareholders approved the $7.35 billion sale of the company's devices and services unit to partner Microsoft, according to multiple reports.
Nokia sold at least 8 million Lumia Windows Phone smartphones in the third quarter, up from 7.4 million in the second quarter and far more than the 2.9 million it sold in the year-ago period, according to a Wall Street Journal report.
Missed opportunities for some as well as second chances for others have dominated the headlines this week, highlighting the often fickle and sometimes surprising industry we all work in.
Former Nokia CEO and Chairman Jorma Ollila said that he made mistakes during his tenure as the company slipped behind faster rivals in the smartphone market. However, he also said that Stephen Elop was not his first choice to become Nokia's CEO in late 2010 and that the work Nokia has done under Elop has not been enough to turn around the company's mobile phone business.
Outgoing Microsoft CEO Steve Ballmer held his final meeting with employees on Thursday, in what was reportedly a highly emotional event for the executive, who is stepping down after three decades with the company. Meanwhile, rumors continue to circulate about Ballmer's potential successors.
Nokia will use its Oct. 22 Nokia World event in Abu Dhabi to announce at least six new devices, including at least two new Lumia smartphones running Microsoft's Windows Phone software, according to a The Verge report.
The plan to pay former Nokia CEO Stephen Elop a termination fee of €18.8 million ($25.4 million) has caused outrage in Finland, but the situation has taken a new turn of late, with Nokia confessing it gave misleading information about Elop's payout and reports emerging that Elop pushed back against attempts to reduce the award because he is getting divorced.
Microsoft CEO Steve Ballmer admitted that Nokia's Stephen Elop, a former Microsoft executive, is a candidate to replace him as CEO as he looks to step down sometime in the next 12 months.
After all the rumours, speculation and counter-rumours, it has finally come to pass: Nokia is selling its devices and services business to Microsoft for €5.44 billion and will focus on network equipment, mapping and location technology and licensing in future. For Finns, the sale is emotional and marks a new chapter in almost 150 years of Nokia history.
Microsoft announced it will pay around $7.2 billion for Nokia's mobile phones business and a license to its patents and mapping software. Under the agreement, Microsoft will acquire around a third of Nokia's roughly 88,000 employees and much of its Lumia smartphone and Asha feature phone business.