Microsoft Corp has officially announced that it has completed its acquisition of the Nokia Devices and Services business. The acquisition has been approved by Nokia shareholders and by governmental regulatory agencies around the world, said a Microsoft release, adding that completion of the acquisition marks the first step in bringing these two companies together as a team.
Microsoft will honor all existing Nokia customer warranties, beginning April 25, 2014. Approximately 25,000 employees will be transferring to Microsoft from around the world.
“Today we welcome the Nokia Devices and Services business to our family. The mobile capabilities and assets they bring will advance our transformation,” said Microsoft CEO Satya Nadella. “Together with our partners, we remain focused on delivering innovation more rapidly in our mobile-first, cloud-first world.”
Former Nokia President and CEO Stephen Elop will directly report to Nadella and will serve as executive VP of the Microsoft Devices Group, overseeing development and progress of the Lumia range and other Nokia phones, Xbox hardware, Surface PCs and Perceptive Pixel (PPI) products.
Microsoft says in a press statement that Windows Phone is the fastest-growing ecosystem in the smartphone market. “Furthermore, with the Nokia mobile phone business, Microsoft will target the affordable mobile devices market, a $50 billion annual opportunity, and delivering the first mobile experience to the next billion people while introducing Microsoft services to new customers around the world.”