This is the first week back after the Labor Day weekend. Most of us just spent an extended weekend with friends and/or family quietly enjoying the last week of summer. Not so for the management teams at Microsoft and Nokia. Just short of midnight on the night of Labor Day, Microsoft announced its intent to acquire the mobile phone assets of Nokia.
For $7.2 billion, Microsoft will purchase all of Nokia’s devices, services business and license Nokia patents and mapping services. This deal had been rumored for quite some time now, as earlier this year speculation was raised that Microsoft had made a bid to purchase Nokia.
The acquisition is also a blow to Canada-based BlackBerry, as there had been some speculation that the two companies would find a way to work together, with Microsoft possibly acquiring all of BlackBerry. Now BlackBerry seems like the lone small player in a market of giants.