Microsoft now own Nokia

Nokia Lumia 930 Hero

A deal has finally been completed for Microsoft to takeover Nokia's entire mobile phone division.

Remember that mobile phone company that dominated the late 90's and early 00's? The one that made phones that were sturdier than the modern day house brick, well Microsoft decided to by them out.

The takeover that was confirmed today by both parties is estimated to have cost Microsoft £4.6bn.

Originally the deal was supposed to be completed earlier this year but got delayed first by the Indian government who were involved in legal proceedings with Nokia, and then by the Chinese who wanted both tech companies to lower that patent fees.

Microsoft now owns Nokia's smartphone businesses, design team, its manufacturing and assembly facilities and its sales and marketing support team.

Microsoft's chief executive, Satya Nadella said: “Today we welcome the Nokia Devices and Services business to our family. The mobile capabilities and assets they bring will advance our transformation."

Together with our partners, we remain focused on delivering innovation more rapidly in our mobile-first, cloud-first world."

At its peak Nokia owned 41 percent of the phone industry, but that was in 2007. Nokia has since struggled to get a grip of the modern day mobile phone market, last year they posted results that showed their market share had plummeted to a paltry 15 percent over six years.

The emergence of Apple and Samsung hit Nokia hard. The early iPhones and Galaxy's had fancy touch screens, simple intuitive user interfaces and app stores that housed every app imaginable.

It seems Microsoft might have learned from Nokia's mistakes as they are going to aim Nokia's smartphone business at the more affordable market, avoiding the top end iPhone's and Galaxy's. They are estimating that the mid-range smartphone market is worth around $50bn annually.

Nokia's president Stephen Elop will be the executive vice president of the Microsoft Devices Group in charge of Lumia smartphones and tablets, Nokia mobile phones, Xbox hardware, Microsoft Surface, and Perceptive Pixel (PPI) products.

It's certainly the end of an era for Nokia, long gone are the days when every man and their dog owned a Nokia dumbphone and was obsessed with Snake. Perhaps Apple and Samsung should also take note of Nokia's fall from grace, the Finnish company was more dominant than them both a few years ago now look where it is.