Microsoft(s msft) and Nokia(s nok) have jumped through of all the regulatory and financial hoops and ironed out all of the last-minute transactional details. On Friday, Microsoft will officially complete its acquisition of Nokia’s handset group, Microsoft announced in its blog on Monday.
The $7.17 billion deal was announced last September, though hold-ups prevented the companies from meeting their first-quarter closing deadline. Nokia is effectively splitting in two. It’s storied, but recently struggling, handset division, will become Microsoft’s mobile device group. Meanwhile, Nokia’s telecom infrastructure group Nokia Solutions and Networks, or NSN, and its location, commerce and connected car group, called Here, will continue on as a separate company.
Nokia also confirmed the deal was set to close this week in a brief statement on its website, but General Counsel and EVP of legal and corporate affairs Brad Smith went into a few more details on his company’s blog:
“The completion of this acquisition follows several months of planning and will mark a key step on the journey towards integration. This acquisition will help Microsoft accelerate innovation and market adoption for Windows Phones. In addition, we look forward to introducing the next billion customers to Microsoft services via Nokia mobile phones.
“As with any multinational agreement of this size, scale and complexity, our two companies have made adjustments to the original deal throughout the close preparation process. We’ve entered into numerous agreements to address items ranging from manufacturing to IT.”
Among some of the last minute changes is Microsoft agreeing to take over management of Nokia’s online brand for for as long as a year, overseeing the Nokia.com domain and social media sites. The ultimate plan though may be to replace the Nokia brand with the Microsoft brand. CNET is reporting that Microsoft is telling suppliers it plans to change the Nokia device unit’s name to Microsoft Mobile.