HMD completes takeover of rights to Nokia brand phones

News Wireless Global 1 DEC 2016
HMD completes takeover of rights to Nokia brand phones
Microsoft has completed the sale of the former Nokia feature phone business to FIH Mobile and HMD Global, the new company set up to develop Nokia-branded mobile phones. Nokia confirmed that the agreement to grant the new company rights to the Nokia brand and intellectual property for ten years has come into force, meaning Microsoft will no longer be able to offer Nokia phones. 

In addition to continuing the feature phones, HMD plans to develop smartphones and tablets under the Nokia name, using the Android OS. HMD said the first smartphones are expected to launch in the first half of 2017. 

FIH Mobile, part of Foxconn Technology, will handle the manufacturing and distribution of the Nokia-branded phones under an agreement with HMD. Samuel W. L. Chin, a former CEO of Foxconn International, is chairman and co-founder of HMD, serving alongside a number of former Nokia executives. 

FIH confirmed that it has completed the acquisition of the related assets from Microsoft. Compared to the original agreement announced in May, the final deal was modified slightly to add some R&D and manufacturing components to the purchase, while excluding part of the franchise and after-sales elements of the assets. 

Categories:

Mobile

Companies:

Nokia,  Microsoft,  Foxconn

Regions:

Global

Tags:

Handsets, Licences & sales agreement, M&A buyouts & divestments

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