Espoo, Finland – Nokia today announced that it has completed the sale of substantially all of its Devices & Services business to Microsoft.

The transaction, which also includes an agreement to license patents to Microsoft, was originally announced on September 3, 2013.

As earlier communicated, the transaction was subject to potential purchase price adjustments. The estimate of the adjustments made for net working capital and cash earnings was slightly positive for Nokia, and we currently expect the total transaction price to be slightly higher than the earlier-announced transaction price of EUR 5.44 billion after the final adjustments are made based on the verified closing balance sheet.

Additionally, as is customary for transactions of this size, scale and complexity, Nokia and Microsoft made certain adjustments to the scope of the assets originally planned to transfer. These adjustments included Nokia’s manufacturing facilities in Chennai in India and Masan in the Republic of Korea not transferring to Microsoft. These adjustments have no impact on the material deal terms of the transaction and Nokia will be materially compensated for any retained liabilities.

In India, our manufacturing facility is subject to an asset freeze by the Indian tax authorities as a result of ongoing tax proceedings. Consequently, the facility remains part of Nokia following the closing of the transaction. Nokia and Microsoft have entered into a service agreement whereby Nokia would produce mobile devices for Microsoft.

In Korea, Nokia and Microsoft agreed to exclude the Masan facility from the scope of the transaction. Nokia will now take steps to close the facility, which employs approximately 200 people.

Amid the uncertainty for our employees in Chennai and because of the planned closure of our facility in Masan, Nokia plans to offer a program of support, including financial assistance which would give our employees the chance to explore opportunities outside Nokia starting from a sound financial base. The company plans to bring to Chennai and Masan elements of its Bridge program, which we have made available for employees affected by company changes in other sites.

The convertible bonds issued by Nokia to Microsoft following the announcement of the transaction have been redeemed and netted against the deal proceeds by the amount of principal and accrued interest.

As previously announced, the following Nokia leaders have stepped down from the Nokia Leadership Team and transferred to Microsoft at closing, effective April 25, 2014: Stephen Elop, Jo Harlow, Juha Putkiranta, Timo Toikkanen, and Chris Weber. Until further notice, Nokia’s interim governance model announced on September 3, 2013 is in place.

Nokia plans to cover in further detail aspects of the closing of the transaction in conjunction with its first quarter 2014 results announcement on April 29, 2014.

Now that the closing of this transaction has taken place, Nokia is arranging a Board of Directors meeting for early next week in relation to its strategy assessment which was originally disclosed on September 3, 2013.

Microsoft today released a public preview of their Remote Desktop app for Windows Phone. With the Microsoft Remote Desktop app, you can connect to a remote PC and experience the power of Windows with RemoteFX in a Remote Desktop client designed to help you get your work done wherever you are. Features Rich multi-touch experience with remote desktop protocol (RDP)...

Nokia today announced that they will publish the first quarter 2014 interim report on April 29 at 8am Finnish time. This is two hours before the OMX Helsinki stock exchange opens, meaning Nokia trading prior to the announcement should take place no later than Monday, April 28. Here’s the press release: Espoo, Finland – Starting with the first quarter...

Espoo, Finland – Nokia today announced a product advisory for the European and UK variant of the AC-300 charger, which is used exclusively with the Lumia 2520 tablet. Consumers in Austria, Denmark, Finland, Germany, Russia, Switzerland and UK are strongly advised to suspend use of the charger until further notice. Also, consumers who purchased the Lumia 2520...

Nokia is known to innovate a lot around the camera found in Nokia’s smartphones. PureView is an established name for a good quality camera, and today the company has even further out-innovated other smartphone manufacturers with Living Images. What is Living Images? As part of our overall vision, we want to help people turn static pictures into living memories,...

The same German security researchers who demonstrated a vulnerability in the iPhone 5s Touch ID fingerprint sensor have now released a video showing how basically this same hack works on the Samsung Galaxy S5. The hack works by photographing a finger print from something like a glass in a bar, and then using some sneaky techniques to transfer the image into wood glue, which then is applied to someone’s finger and used to unlock the device. The researchers point out that this trick is more of a problem on the Galaxy S5 as it doesn’t...

As expected, Microsoft today made the awaited Developer Preview of Windows Phone 8.1 available. This will allow developers to install the new bits from Microsoft on their devices and test their own software on Windows Phone 8.1. Keep in mind that any operator or manufacturer specific code is not delivered in the Developer Preview. Prerequisites To download the app...

We’ve seen some interesting projects come out of Microsoft Research over the years. Last week we wrote about an enhanced Live Tile UI for Windows, and now it’s a video showing 3D face scanning using a Windows Phone 8 (looks like a Nokia Lumia 920). Check out the video below and head over to the project with detailed information through this link. Here...