FX.co ★ Nokia rebrands as Microsoft Mobile Oy

Microsoft has completed its purchase of Nokia's mobile phone business and its portfolio of patents after the Finnish company agreed the sale of its Devices&Services business to Microsoft which manufactures smartphones, tablets, and related products. The deal totaled 5.44 billion euros. The new company will be renamed as Microsoft Mobile Oy.

“Upon the close of the transaction between Microsoft and Nokia, the name of Nokia Corporation/Nokia Oyj will change to Microsoft Mobile Oy. Under the terms of the sale,

Microsoft will assume all rights, benefits and obligations of the Nokia Devices and Services business, including Nokia's agreements with suppliers, customers and partners which pertain to the Devices and Services business”, reads the letter Nokia has sent to its suppliers and partners.

However, the famous Nokia brand will not disappear. Nokia still owns its Here brand which deals with mapping and location services. The firm also maintains Advanced Technologies, its licensing and development arm. It also runs network infrastructure though a division called Nokia Solutions and Networks.

Moreover, Former Nokia CEO Stephen Elop will head Microsoft Mobile Oy to create a division that will develop and manufacture devices and additional services. At the same time, the company asks that suppliers continue doing business with Nokia's remaining businesses after the transaction.