Why did Nokia sell to Microsoft?
Microsoft had been looking for a way to enter the mobile phone industry to better compete with Apple and Google. In acquiring Nokia’s services and devices unit, Microsoft took control of Nokia’s mobile phones and smart devices, design team, licensing agreements, and approximately 32,000 new employees.
When did Microsoft sell Nokia?
2016
In 2016, Microsoft sold the Nokia smartphone business for $350 million to a subsidiary of Hon Hai/Foxconn Technology Group and HMD Global, led by former Nokia and Microsoft mobile executives. HMD has an exclusive license to use the Nokia brand on mobile phones and tablets.
Is Nokia phone still in business?
After everything it’s been through, Nokia is still standing. The Finnish telecoms firm experienced serious hardship during the late 2000s and early 2010s, when it went from the global smartphone leader to a diminishing player with only a 3 percent share of the market.
Does Nokia belong to Microsoft?
Nokia’s mobile phone assets became a part of Microsoft Mobile, a new subsidiary of Microsoft based in Finland.
How did Nokia lose its market share?
But, Nokia did a blunder by being very much myopic and complacent about its achievements and didn’t envision the competition, radical innovations and high end technology coming its way, which certainly had potential to dethrone it of its place. This was one of the major reasons Nokia lost its market share.
What happened to Nokia’s mobile business?
On 25 April 2014, Nokia sold its mobile phone business to Microsoft for approximately €3.79bn. €1.65bn was paid by Microsoft for a ten-year license to Nokia’s patents. Nokia’s mobile phone assets became a part of Microsoft Mobile, based in Finland.
How much did Microsoft sell Nokia for?
Microsoft has sold the brand, which was worth $300bn at its height, in two parts for a total of just $350m. The brand name was sold to a new company called HMD, formed by former Nokia employees in Finland.
What does Microsoft’s acquisition of Nokia mean for Android phones?
The purchase only includes Microsoft’s “feature phone” business (sometimes known by the crueller name “dumbphones”, to mark them out as the opposite of smartphones), but the new company says it intends to start development of future Nokia-branded smartphones and tablets which run Android.
Who makes Nokia feature phones now?
Now, HMD Global and Foxconn bought back all the rights from Microsoft to manufacture Nokia feature phones. (Initial arrangement was, MS will make feature phones with Nokia label for 10 years. But they sold that license to HMD&Foxconn)