Time to end the rumors about the acquisition of  Nokia. Micorsoft  acquired Nokia’s mobile phone unit for $7.2 Billion. Microsoft published an email from CEO Steve Ballmer that the company plans to acquire Nokia and plan to pay $5 Billion to buy the Nokia’s devices and another 2.2 Billion to license the patents.

 


Microsoft CEO announced that “We announced some exciting news today: We have entered into an agreement to purchase Nokia’s Devices & Services business, which includes their smartphone and mobile phone businesses, their award-winning design team, manufacturing and assembly facilities around the world, and teams devoted to operations, sales, marketing and support. For Microsoft, this is a bold step into the future and the next big phase of the transformation we announced on July 11.”

Nokia Engineers Jo Harlow, Timo Toikkanen, Juha Putkiranta are joining Microsoft. “Building on our successful partnership, we can now bring together the best of Microsoft’s software engineering with the best of Nokia’s product engineering, award-winning design, and global sales, marketing and manufacturing,” Elop said in a statement. “Mashable reports.

After the news officially confirmed Nokia’s shares jumped 45% . According to the BBC reports “The purchase is set to be completed in early 2014, when about 32,000 Nokia employees will transfer to Microsoft.”