The Microsoft acquisition of Nokia’s phone business finally closed on Friday as the deal managed to pass through the remaining regulatory holdups.
The Redmond-based tech giant paid $7.2 billion for Nokia’s Devices and Services business, reports Eweek. “Today we welcome the Nokia Devices and Services business to our family,” said CEO Satya Nadella in a statement.
“The mobile capabilities and assets they bring will advance our transformation.” Nadella added that Microsoft is “focused on delivering innovation more rapidly in our mobile-first, cloud-first world.”
With the deal now closed, Haley Tsukayama of Washington Post wonders if Microsoft will be able to properly use its new assets to continue to claw into the mobile business, where it has largely struggled after jumping in late.
Analysis firm IDC believes that the Windows Phone operating system will likely only be able to snag 3.9 percent of the market, compared to expectations that Apple will hold 14.9 percent and Android with 78.9 percent of the smartphone market.
As previously reported earlier in the week, the deal – which was first agreed upon in September 2013 – finally was able to pass most regulatory hurdles. The delay primarily was due to China, who had patent-related concerns, but has since given their OK.
While Microsoft is using the deal to try and expand its market hold in a lucrative market, it allows Nokia to shed itself of a struggling division.