Nokia phones set to return.
Microsoft's future in the mobile phone business is now entirely dependent on its Lumia smartphone range after the software giant confirmed on Wednesday that it was selling the feature phone part of the business to a subsidiary of Foxconn and HMD Global, a Finnish company, in a deal worth $350 million — including the rights to use the Nokia brand on future feature phone devices.
The deal involves all of Microsoft's feature phone assets, which were purchased from Nokia as part of a $7.1 billion deal that is now seen as a major mistake. Those assets include brands, software and services, care network and other assets, customer contracts, and critical supply agreements.
The Microsoft deal is expected to close in the second half of 2016, the company said in a statement. Foxconn, also trading as Hon Hai Precision, is the world's largest electronics contract manufacturer and is headquartered in Taipei, Taiwan. It produces some of the world's most popular consumer electronics, including the iPhone and iPad, Xbox One, PlayStation 4 and Microsoft's Surface tablets.
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