Microsoft late on Monday announced it is buying Nokia’s phone business in a deal worth $7.2 billion.
The deal sent Finnish firm Nokia’s Helsinki-listed shares zooming past 44% in pre-market trading Tuesday and earlier were up close to 50%, a move reported by Bloomberg as a record advance. Microsoft shares fell around 1.5% in trading ahead of the opening bell.
As part of the deal, Microsoft will own the company which has been a leader in creating the Lumia line of smartphones that run Microsoft’s Windows Phone operating system. Microsoft is paying $5 billion to buy Nokia’s Devices & Services unit and an additional $2.2 billion to license Nokia’s patents for next 10 years.