US software giant Microsoft is paying 7.2 billion dollars for Nokia's handset business. Both companies have struggled to keep up with Samsung and Apple in the smartphone sector. Nokia's shares soared on the news.
Only two years after the US tech giant bought Nokia, it has now announced big cuts to its Finnish smartphone business. A Finnish union leader says this is the beginning of the end of Microsoft's smartphone production.
The Nokia 3310, once the world's most beloved phone, will be resurrected as a low-cost alternative in the smartphone-era. It will be sold by Finnish start-up HMD Global, which acquired the Nokia brand name in 2016.
Nokia has said it has signed an exclusive 10-year licensing agreement for newly formed Finnish company HMD to create Nokia-branded smartphones and tablets. The devices are to be made by Foxconn.
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