Microsoft late Monday announced it is buying Nokia’s smartphone and cellular handset business in a deal worth $7.2 billion.
The deal sent Finnish firm Nokia’s Helsinki-listed shares zooming 31% in afternoon trading Tuesday and earlier were up close to 50%, a move reported by Bloomberg as a record advance. Microsoft shares were down about 5%.
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.