Microsoft announced today that they had acquired longtime Windows Phone partner Nokia for 7.1 billion dollars. A press release co-written by departing Microsoft CEO Steve Ballmer and Nokia CEO Stephen Elop was sent to the media today:
Building on the partnership with Nokia announced in February 2011 and the increasing success of Nokias Lumia smartphones, Microsoft aims to accelerate the growth of its share and profit in mobile devices through faster innovation, increased synergies, and unified branding and marketing. For Nokia, this transaction is expected to be significantly accretive to earnings, strengthen its financial position, and provide a solid basis for future investment in its continuing businesses.
Its a bold step into the future a win-win for employees, shareholders and consumers of both companies. Bringing these great teams together will accelerate Microsofts share and profits in phones, and strengthen the overall opportunities for both Microsoft and our partners across our entire family of devices and services, said Steve Ballmer, Microsoft chief executive officer. In addition to their innovation and strength in phones at all price points, Nokia brings proven capability and talent in critical areas such as hardware design and engineering, supply chain and manufacturing management, and hardware sales, marketing and distribution.