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Foxconn and HMD Buy Nokia's Feature Phone Business From Microsoft for $350 Million

Foxconn and HMD Buy Nokia's Feature Phone Business From Microsoft for $350 Million

Posted May 18, 2016 at 8:36pm by iClarified
Foxconn and HMD have bought Nokia's feature phone business from Microsoft. Today, Microsoft announced that it reached an agreement to sell its entry-level feature phone assets to FIH Mobile Ltd., a subsidiary of Hon Hai/Foxconn Technology Group, and HMD Global, Oy for $350 million. HMD, a newly formed Finnish company, aims to be only global licensee for Nokia branded mobile phones and tablets.

As part of the deal, FIH Mobile Ltd. will also acquire Microsoft Mobile Vietnam — the company’s Hanoi, Vietnam, manufacturing facility. Upon close of this deal, approximately 4,500 employees will transfer to, or have the opportunity to join, FIH Mobile Ltd. or HMD Global, Oy, subject to compliance with local law.

Microsoft says it will continue to develop Windows 10 Mobile and support Lumia phones such as the Lumia 650, Lumia 950 and Lumia 950 XL, and phones from OEM partners like Acer, Alcatel, HP, Trinity and VAIO.

As part of the deal, Microsoft will transfer substantially all of its feature phone assets, including brands, software and services, care network and other assets, customer contracts, and critical supply agreements, subject to compliance with local law. The transaction is expected to close in the second half of 2016, subject to regulatory approvals and other closing conditions.

Foxconn and HMD Buy Nokia's Feature Phone Business From Microsoft for $350 Million
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Comments (4)
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Stealther - May 23, 2016 at 3:16am
Finally the Finnish company is Finish!
JuergenWest - May 19, 2016 at 11:21pm
They will not survive on android, they will need a new standalone os that works great with their own devices. Similar to iOS but lower end devices. There's already too much android out there to make them standout of the crowd. Anyone know what their actual plan is?
M!Do Space
M!Do Space - May 18, 2016 at 8:53pm
The last hope for Nokia brand to be revived again, but this time they need to use Android and stop being a lab rat for lousy OS(s).
gamerscul9870 - May 18, 2016 at 11:31pm
More like digging up a zombie out of the grave, but to make this brand go back in time? It's Blackberry all over again!
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