Nokia smartphones and tablets will return as Android devices under new parent companies HMD Global Oy and FHI Mobile Ltd.
The Finnish phone company overnight announced that former owner Microsoft had sold the feature phone business for US$350 million.
HMD has an exclusive global licence to create Nokia-branded devices for the next 10 years, and will handle the sales and marketing of the devices.
FHI, a subsidiary of Foxconn Technologies, will take care of manufacturing sales and distribution.
HMD is a newly created company that was founded for the purpose of reviving the smartphone vendor, according to Nokia. The company plans to invest US$500 million in the Nokia brand over the next three years, paid for by investors and profits on the new devices.
Microsoft’s head of mobile devices business for Greater Asia, Middle East and Africa Arto Nummela is set to become the chief executive of HMD once the acquisition is finalised.
Microsoft reportedly paid $7.2 billion for the Nokia handset business in 2014. It will continue to support its Lumia range of smartphones, which run on Windows.
-1.jpg&w=100&c=1&s=0)
.png&w=100&c=1&s=0)
