Even though it was never going to be kicked out by the shareholders, there is something quite shocking about what has happened today in Espoo, Finland.
At an Extraordinary General Meeting, the shareholders of Nokia Corp. (NYSE: NOK) approved the sale of "substantially all of Nokia's Devices & Services business" to Microsoft Corp. (Nasdaq: MSFT). More than 99 percent of the votes cast at the meeting were in favor of the €5.44 billion ($7.36 billion) deal. (See: Nokia Sells Devices Business to Microsoft .)
Unless there are any regulatory issues, by the end of March, Nokia will no longer be making mobile phones. It will primarily be a mobile network infrastructure and managed services provider. Nokia Solutions and Networks (NSN) will generate the majority of the company's revenue. The other parts of the business will be HERE (which deals in location-based services) and Advanced Technologies (which looks to use Nokia's patent portfolio).
We have already covered the ins and outs of this deal, and we'll have to wait and see what Microsoft actually does with the device business. (See: The Nokia/Microsoft Conspiracy Theory.)
Still, something just does not seem right. It just doesn't seem right at all.
— Ray Le Maistre, Editor-in-Chief, Light Reading