Microsoft announces agreement to sell the Nokia feature phone division to Foxconn for $350M
As part of the deal, Foxconn will receive the right to use the Nokia brand for feature phones, and the company will also take control over the Nokia feature phone software and services, critical supply agreements, as well as any related customer contracts.
Foxconn will also take property of Microsoft's Hanoi, Vietnam manufacturing facility. According to Microsoft's announcement, roughly 4,500 Microsoft employees will have the opportunity to join Foxconn or its subsidiaries.
Microsoft said that it expects the deal to close in the second half of the year, following regulatory approvals and other closing conditions, as is often the case in such acquisitions and mergers.
While Microsoft is about to sell its Nokia feature phone division to Foxconn, the Redmond-based tech giant has assured Windows smartphone fans that it will continue to develop Windows 10 Mobile. Furthermore, the company says that it will continue supporting Windows 10 Mobile phones such as the Lumia 650, 950, and 950XL, as well as handsets from third-party manufacturers such as Acer, HP, Alcatel, VAIO, or Trinity.