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As per a report generated by NDTV, Finnish Telecom Company Nokia announced on Tuesday that its shareholders have given approval for the 5.44 billion euro ($7.35 billion) sale of its mobile phone division to US multinational Microsoft.

Nokia will now become a telecom equipment and services company. As expected, the transfer of the Handset business will take place in the first quarter of next year after regulatory approvals.

Nokia happened to be the world leader in mobile phones till 2011 however lost its top place to South Korea’s Samsung in the year 2012. Although the company is still ahead of US giant Apple and holds the number two position in the overall mobile phone market, ranks eight on the rapidly growing Smartphone market, as per a study by telecom consultancy Gartner.

Nokia has been through a loss of 3.1 billion euros in 2012and 590 million euros in the first nine months of 2013. According to Nokia, the sale will help them launch into more profitable business areas again.

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