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

HELSINKI, Sept 3 Mon Sep 2, 2013 11:14pm EDT

HELSINKI, Sept 3 (Reuters) - Microsoft Corp on Tuesday said it will buy Nokia's mobile phone business for 5.44 billion euros ($7.2 billion).

The deal is expected to close in the first quarter of 2014 and it is subject to approval by Nokia's shareholders and regulatory approvals. Nokia partnered in 2011 with Microsoft and uses Microsoft's Windows software to run its mobile phones.