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The day has come where Microsoft finally gives up the iconic Nokia brand, as the software giant has officially announced an agreement to sell off its feature phone business to FIH Mobile, a subsidiary of Foxconn, and HMD Global for $350 million.
Microsoft says that they will still continue to develop the Windows 10 Mobile platform, and ensure support for devices such as Lumia 650, Lumia 950, Lumia 950 XL, and other models from Acer, Alcatel, HP, Trinity, and VAIO. The deal concludes that Microsoft will transfer all its feature phone assets, brands, software, and services, contracts, and supply agreements to FIH Mobile and HMD Global.
The asset transfer is expected to close by the second half of 2016. Reports suggest that once the deal is complete, about 4500 employees have the opportunity to join either FIH Mobile, or HMD Global. Word is it that now FIH Mobile and HMD is involved, it’s expected that Nokia will return back to the market with new Android-based smartphones and tablets.