Microsoft confirms Nokia deal

Microsoft has announced it has agreed a deal with Finnish company Nokia over its mobile phone unit, with a purchase worth 5.4 billion euros (£4.6 billion) confirmed.

In a statement, Microsoft chief executive Steve Ballmer revealed that the move will be a bold step into the future for the firm.

He described it as a "a win-win for employees, shareholders and consumers of both companies", but the deal will not go through until it is approved by Nokia shareholders and regulators.

Some 32,000 Nokia employees are expected to transfer to Microsoft when the purchase is finalised, which is expected to be in the early stages of next year.

The share price of Nokia has rocketed this morning (September 3rd) on the back of the news of the sale to Microsoft.

At 08:24 BST, its stocks were trading over 40 per cent higher than at the start of the day.

Microsoft is expected to launch its new games console, the Xbox One, by the end of the year.

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