Microsoft to Acquire Nokia’s Devices and Licenses Businesses ⇥ microsoft.com

Big news while I was sleeping. Microsoft PR:

Under the terms of the agreement, Microsoft will pay EUR 3.79 billion to purchase substantially all of Nokia’s Devices & Services business, and EUR 1.65 billion to license Nokia’s patents, for a total transaction price of EUR 5.44 billion in cash. Microsoft will draw upon its overseas cash resources to fund the transaction. The transaction is expected to close in the first quarter of 2014, subject to approval by Nokia’s shareholders, regulatory approvals and other closing conditions.

€5.44 billion is roughly equal to $7.1 billion, making Google’s $12.5 billion acquisition of Motorola look even more overpriced. Also, if you’re betting on Stephen Elop as the new Microsoft CEO, things are looking pretty good for you.