
Microsoft Buying Nokia's Smartphone Business for $7 BillionSTEVE KOVACH
Microsoft CEO Steve Ballmer and Nokia CEO Stephen Elop.
Microsoft announced tonight that it will buy Nokia's devices and services division.
This is the part of Nokia that makes smartphones (and soon) tablets.Microsoft will pay 3.70 billion Euro for Nokia's devices business. That's nearly $5 billion is U.S. dollars. Microsoft will also pay an additional 1.65 billion Euro ($2.2 billion U.S.) for the rights to Nokia's patents.All together, the deal will cost Microsoft about $7 billion U.S.Microsoft will also take on about 32,000 Nokia employees. Nokia's CEO Stephen Elop will transfer to Microsoft too. (Elop used to work at Microsoft before becoming the Nokia CEO.)The...