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MSFT, NOK: Nokia Oyj to Be Renamed Microsoft Mobile

The purchase of Nokia's handset unit closes this week

Nokia’s (NOK) former handset business will get a new owner and a new name this week.

Microsoft sign 630On Apr. 25, Microsoft (MSFT) says it will officially complete the acquisition of Nokia Oyj. A Nokia-user blog says that the Windows-maker has sent a letter to suppliers indicating that when the purchased of the phone unit closes, “the name of Nokia Corporation/Nokia Oyj will change to Microsoft Mobile Oy,” CNET notes.

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In September, MSFT announced that it would acquire Nokia’s phone business for $7.2 billion. Though the deal was initially set to close during the first quarter, regulatory issues in some markets forced MSFT to delay the close.

Once the world’s leading producer of mobile phones, Nokia stumbled after the release of Apple‘s (AAPL) iPhone and subsequent handsets running Google‘s (GOOG) Android prompted consumers to switch to smartphones. In response, Nokia partnered with MSFT, producing a range of smartphones running the mobile version of Windows.

MSFT stock gained slightly in Monday mid-day trading, while NOK stock rose modestly.

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Article printed from InvestorPlace Media, https://investorplace.com/2014/04/msft-nok-nokia-phones-renamed-microsoft-mobile/.

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