Nokia’s once dominant mobile phone franchise will be given a new lease of life, as Microsoft exits the feature phone business it acquired from the Finnish telecoms group two years ago.
The Windows maker has agreed to sell the unit it acquired from Nokia to Foxconn, the Taiwanese technology group, for $350m.
Meanwhile, a deal to revive Nokia’s name in consumer electronics has also been struck with HMD, a newly created Finnish company led by former senior Nokia and Microsoft telecoms executives.
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