US: Record share jump for Nokia following Microsoft’s buyout news

Major US tech conglomerate Microsoft announced Monday plans to acquire the smartphone and cellphone handset operation of Finland-based Nokia – an announcement that sent Nokia shares up as high as 48 percent on Tuesday trading.

Bloomberg reported the share jump as a record spike.

The deal, reported for $7.2 billion, will involve Microsoft acquiring the businesses known for the Lumia smartphone line, which already operates Windows Phone, Microsoft’s smartphone operating system.

Under terms of the deal, Microsoft will pay $5 billion in cash and another $2.2 billion to license Nokia patents.

The deal remains subject to regulatory and shareholder approval, but the parties said they expect the deal to close in the first quarter of 2014.

The news comes following another major announcement in the US smartphone world as Verizon has reportedly reached a $103 billion buyback deal with UK-based Vodafone to acquire the rest of its wireless operations.

Full Content: USA Today

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