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Microsoft to buy Nokia’s mobile phone unit

Microsoft has agreed a deal to buy Nokia’s mobile phone business for 5.4bn euros ($7.2bn; £4.6bn), the BBC reports.

Nokia will also license its patents and mapping services to Microsoft.

The purchase is set to be completed in early 2014, when about 32,000 Nokia employees will transfer to Microsoft.

“It’s a bold step into the future – a win-win for employees, shareholders and consumers of both companies,” Steve Ballmer, chief executive of Microsoft, said in a statement.

The transaction is subject to approval by Nokia shareholders and regulators.

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