Nokia is making a return to phones and tablets. The Finnish company on Wednesday announced that it will license its brand and IP to a newly created company called HMD global. The company in question, Nokia says, will produce and sell a range of Android smartphones and tablets. The company has also inked a deal with Microsoft to acquire the rights to use Nokia brand name on feature phones and also utilize some design elements. Nokia veteran Arto Nummela will assume the CEO position when the deal is closed, which is expected to happen by the end of June.
Microsoft announced today that it has sold the remainings of Nokia's feature phone business to FIH Mobile, a subsidiary of Foxconn. As part of the deal, FIH Mobile paid a sum of $350 million to Microsoft. Interestingly, HMD global and FIH Mobile already have a collaborative agreement in place to support the building of a global business for Nokia-branded mobile phones and tablets. Nokia says it will set mandatory brand requirements and performance-related provisions for the new devices.
Microsoft announced today that it has sold the remainings of Nokia's feature phone business to FIH Mobile, a subsidiary of Foxconn. As part of the deal, FIH Mobile paid a sum of $350 million to Microsoft. Interestingly, HMD global and FIH Mobile already have a collaborative agreement in place to support the building of a global business for Nokia-branded mobile phones and tablets. Nokia says it will set mandatory brand requirements and performance-related provisions for the new devices.
