Microsoft has announced that it s selling its feature phone business for $350 million in a group deal to FIH Mobile, a subsidiary of Chinese hardware manufacturer Foxconn, which manufactures iPhones for Apple, and a newly formed company called HMD Global.
The transaction is expected to be finalized in the second half of this year.
The new firm plans to invest more than $500 million over the next three years to market its mobile products worldwide.
Hopefully, its launch with HMD will see its products in stores across the globe soon.
The sale will not affect Microsoft s Windows-based mobile operations.
Nokia signs strategic brand and intellectual property licensing agreement enabling HMD global to create new generation of Nokia-branded mobile phones and tablets on Nokia
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