Microsoft’s $7.2 billion acquisition of Nokia has been finalized this week as the buyout was finally granted the European Commission’s seal of approval. The deal makes Microsoft the official owner of Nokia’s devices and services business.
The thumbs-up from the European Union is the final step in the deal’s approval process, following approval from Nokia’s shareholders as well as the United States government itself. The statement released by the EC said: “The Commission concluded that the transaction would not raise any competition concerns.”
Prior to the buyout, Nokia’s Lumia line of smartphones dominated that Windows Phone market with over 90% or the total share. Whilst this was a positive turn of events for Nokia itself, the company’s strength in the market meant that Microsoft itself was at risk of losing control of its own platform. Now that Microsoft has absorbed Nokia’s entire handset division, the company can take more control over the future of the Windows Phone.
As part of the buyout deal, Nokia CEO Stephen Elop will begin working for Microsoft, where he has already been tipped as a possible replacement for departing CEO Steve Ballmer.