Microsoft gains government approval to buy Nokia

Microsoft is one step closer to officially becoming the owner of Nokia’s entire devices division. The US Department of Justice and Federal Trade Commission have approved the $7.2 billion dollar purchase agreement between Microsoft and Nokia, leaving just one more force standing in its way...the European Union.

The EU, which is expected to grant Microsoft approval for its deal early next year, is the final hurdle to Microsoft officially taking over Nokia’s smartphone business. Nokia shareholders voted last month to approve a deal that will split the company. Nokia will continue independently operating the half of the company that developed network technology for operators and service providers throughout the world. However, the struggling handset division that developed the Lumia smartphones has been sold.

Once Microsoft gets EU approval, Nokia CEO Stephen Elop will take over the devices division within Microsoft that will use the former Nokia’s engineering talent and manufacturing facilities to build Microsoft-branded products. Microsoft also has the right to use the Nokia and Lumia names for smartphones for a limited amount of time, so maybe the company might let the Nokia brand live on in smartphones for just a little longer.

VIA