Microsoft to acquire Nokia's handset business for $7.2 bn

Microsoft Corp on Tuesday announced that it would buy Nokia's mobile phone business and license Nokia's patents for $7.2-billion, and CEO of the Finnish firm, Stephen Elop, would join Microsoft. This was marked by an around 40% rise in Nokia’s shares. Nokia, once the world's dominant handset maker, will now concentrate on its networking unit, navigation business and technology patents.