Nokia shareholders approve sale of smartphones to Microsoft

Once Microsoft has taken control, it has a huge number of decisions to make, analyst said

More than 99 per cent of Nokia's shareholders have voted to approve Microsoft's acquisition of the Finnish company's Devices & Services business.

Nokia entered into an agreement to sell "substantially all" of the Devices & Services business to Microsoft for €3.79 billion (US$5.1 billion) in the beginning of September. Once the acquisition closes, Microsoft will also pay €1.65 billion to license Nokia's patents.

The vote took place at an extraordinary general meeting in the Helsinki Ice Hall, where executives explained the reasoning behind the deal and were grilled by shareholders for several hours.

The acquisition is expected to close in the first quarter of next year. Microsoft's CEO Steve Ballmer presented it as a win for employees, shareholders and customers of both companies.

"Through our partnership we have already accomplished so much, and yet clearly the opportunity ahead is remarkable. And I am incredibly optimistic about what we can achieve together," Ballmer said when the deal was announced.

Earlier this year Ballmer announced he would be stepping down, and former Microsoft executive Stephen Elop -- who resigned as Nokia's CEO when the deal with Microsoft was announced -- is reportedly a candidate to replace him.

Once Microsoft has taken control, it has a huge number of decisions to make, including brand alignment, how the devices business should be structured within Microsoft, and the level of autonomy it should have, according to Geoff Blaber, CCS Insight's vice president of research for the Americas. It will likely be a challenging integration process, but the faster it is, the better, he said.

Nokia shipped 8.8 million Lumia devices between July and September, with the low-cost Lumia 520 posting strong sales. There was also some good news in North America where sales grew from 500,000 units in the second quarter to 1.4 million in the third quarter. That helped increase Windows Phone's third quarter market share to 3.6 percent, compared to 12.9 percent for Apple's iOS and 81 percent for Android.

Join the newsletter!

Or

Sign up to gain exclusive access to email subscriptions, event invitations, competitions, giveaways, and much more.

Membership is free, and your security and privacy remain protected. View our privacy policy before signing up.

Error: Please check your email address.

Tags mobileMicrosoftsmartphonesMergers and acquisitionsNokiabusiness issuesconsumer electronics

Keep up with the latest tech news, reviews and previews by subscribing to the Good Gear Guide newsletter.

Mikael Ricknäs

IDG News Service
Show Comments

Father’s Day Gift Guide

Brand Post

Most Popular Reviews

Latest Articles

Resources

PCW Evaluation Team

Luke Hill

MSI GT75 TITAN

I need power and lots of it. As a Front End Web developer anything less just won’t cut it which is why the MSI GT75 is an outstanding laptop for me. It’s a sleek and futuristic looking, high quality, beast that has a touch of sci-fi flare about it.

Emily Tyson

MSI GE63 Raider

If you’re looking to invest in your next work horse laptop for work or home use, you can’t go wrong with the MSI GE63.

Laura Johnston

MSI GS65 Stealth Thin

If you can afford the price tag, it is well worth the money. It out performs any other laptop I have tried for gaming, and the transportable design and incredible display also make it ideal for work.

Andrew Teoh

Brother MFC-L9570CDW Multifunction Printer

Touch screen visibility and operation was great and easy to navigate. Each menu and sub-menu was in an understandable order and category

Louise Coady

Brother MFC-L9570CDW Multifunction Printer

The printer was convenient, produced clear and vibrant images and was very easy to use

Edwina Hargreaves

WD My Cloud Home

I would recommend this device for families and small businesses who want one safe place to store all their important digital content and a way to easily share it with friends, family, business partners, or customers.

Featured Content

Don’t have an account? Sign up here

Don't have an account? Sign up now

Forgot password?