Microsoft has completed its proposed takeover of former handset giant Nokia, with the final fee exceeding €5.44 billion (£4.48bn).
With the buyout having originally been tabled back in September 2013, the two technology giants have today confirmed that Microsoft has now successfully taken over much of Nokia’s Devices and Services business.
“Nokia today announced that it has completed the sale of substantially all of its Devices & Services business to Microsoft,” the Finnish company has confirmed in an official statement.
With the final deal price having risen over the original expectations, the buyout sees Microsoft take charge of Nokia’s handset arm and includes the licencing of a number of Nokia held trademarks and patents relating to the mobile sector.
Although the buyout was originally proposed to incorporate Nokia’s manufacturing facilities in India and Korea, Nokia has confirmed these premises have been stripped from the final sale.
As a result, the companies have confirmed: “Nokia and Microsoft have entered into a service agreement whereby Nokia would produce mobile devices for Microsoft.”
With Nokia’s devices and services business now falling under Microsoft’s banner, there have been a number of staffing changes at the former Samsung and HTC rival.
The most high-profile of the personnel changes at Nokia is CEO Stephan Elop who has now left the company with immediate effect. Despite his departure, it has been widely reported that Elop will join Microsoft in the near future.
Although Microsoft has remained coy on its plans for Nokia during the takeover process, earlier this week it was suggested that Microsoft will drop the Nokia branding, instead naming its new smartphone efforts Microsoft Mobile.
In a leaked internal document from Nokia, the company stated: “Please note that upon the close of the transaction between Microsoft and Nokia, the name of Nokia Corporation/Nokia Oyj will change to Microsoft Mobile Oy.”
Read More: Nokia Lumia 1020 review