Microsoft is selling its featurephone business to manufacturing company Foxconn, The Verge reports.The deal, which is worth $350 million £242 million, will give Foxconn company FIH Mobile the right to use the Nokia brand, and 4,500 employees will also work for the new company.The official Microsoft press release says it expects the deal to close in the second half of 2016.A featurephone is a low-end mobile phone that doesn't have the capabilities of a smartphone.Microsoft has been scaling back its production of featurephones.
A leaked memo from 2014 showed that the company was going to focus on Windows Phones instead of Nokia products.
And now Microsoft has moved away from Windows Phones too.Microsoft's 2013's acquisition of Finnish phone manufacturer Nokia has been described by BBC News as "a disaster for all concerned."
The company took a $7.6 billion writedown £5.2 billion from the deal last year, which was more than the $7.2 billion £4.9 billion that it actually paid to acquire Nokia's phone division.
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