Nokia: It's Really Happening

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

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jhodgesk1s 11/19/2013 | 4:13:26 PM
More Outs than Ins Ray, if it's any comfort, a lot of us feel this way. I don't think anyone could have predicted in 2008 that in only 5 years (or less), Nokia and Moto would be both in trouble and sold to Microsoft and Google respectively for approx $20B. The next five years should provide some level of finality and closure.
DOShea 11/19/2013 | 4:02:27 PM
Shareholders What's the feeling here--that the shareholders didn't understand what they were voting on, or that they have been completely scammed by corporate leadership?
RitchBlasi 11/19/2013 | 2:55:51 PM
Nokia No More.... I agree Ray.  Going from first to worst and now to none...as far as mobile devices are concerned.  Let's add to that that (I always wanted to do that) they are selling it to a company that has failed multiple times itself at being a mobile player let alone a device manufacturer.  And more, if you make Elop your new CEO, doesn't that add insult to injury?  Did that come out right????

Hey, when I worked at AT&T Wireless I remember introducing some Nokia gems; the N-Gage gaming device, its first clamshell phone with a fabric cover (it put the U in ugly) and the oft mentioned and never accepted NFC device.  Fun times, fun times.
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