Markets: Eerie calm

Markets: Eerie calm

it is not clear when market sentiment can change; as in the past, it can be quite sudden.
At a turn and yet not

At a turn and yet not

RBI could be tempted to cut policy rate to support growth at its bi-monthly review.

Microsoft to take over Nokia's iconic headquarters next year

Nov 21 2013, 19:03 IST
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Microsoft will take over Nokia's landmark headquarters in Espoo (Finland) after the software giant completes the acquisition of the mobile phone and services business. Reuters Microsoft will take over Nokia's landmark headquarters in Espoo (Finland) after the software giant completes the acquisition of the mobile phone and services business. Reuters
SummaryNokia will relocate its employees to a separate campus on the completion of the deal with the tech giant.

Microsoft will take over Nokia's landmark headquarters in Espoo (Finland) after the software giant completes the acquisition of the mobile phone and services business of the Finnish firm by March, 2014.

Nokia will relocate its employees to a separate campus on the completion of the deal with the tech giant.

"As the majority of employees currently working at our corporate headquarters are focused on Devices & Services (D&S) activities and support functions, Nokia House will become a Microsoft site once the deal closes," a Nokia global spokesperson said.

After the deal closes, majority of the employees staying with Nokia will relocate to the company-owned property in the Karaportti campus in Espoo, which is near the Finnish capital Helsinki, he added.

Besides, some employees will join its research teams in Open Innovation House in Otaniemi, Espoo.

"Preparations for the integration continue as planned. Earlier today, we communicated to our Nokia House based employees about their expected future work location," he said.

People working in Nokia management and support functions will be located in Karaportti Midpoint, the spokesperson said adding the headquarters for HERE (Nokia's location services) and NSN (telecom equipment business) continue as normal.

In December last year, Nokia said it will sell its head office building to real estate investment firm Exilion for 170 million euros (over Rs 1,218 crore).

It was not clear if Microsoft would continue with the same arrangement.

Nokia had moved in to the landmark complex in the 1990s as it was making inroads in the mobile handset market. It was here that it gained cult status with devices like Communicator 9000, Nokia 1100 and the N series.

The company, which offers telecom equipment and location services as well, retained its market leader position till few years back when it started losing ground to South Korea's Samsung and US-based Apple.

In a bid to recover, Nokia forged a strategic alliance with Microsoft in February 2011 to replace its flagship Symbian operating system with Microsoft's Windows phone operating system.

In September this year, Microsoft announced its intent to purchase Nokia's Devices and services business as part of an overall deal totalling USD 7.17 billion.

The deal has already received shareholders approval and the transaction is expected to close in the first quarter of 2014, subject to regulatory approvals and other customary closing conditions.

Nokia CEO Stephen Elop along with other key executives are joining Microsoft as part of the deal.

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