Nokia’s smartphone business acquired by Microsoft

£4.6 billion was the price of the deal.

Nokia’s Devices and Services business will fully be acquired by the end of 2014′s first quarter, with around 32,000 people transferring to Microsoft from Nokia.

The two companies first partnered up in February 2011, with Microsoft now owning the successful Lumia brand of smartphones that utilize the Windows Phone OS.

Microsoft’s boss Steve Ballmer said Nokia CEO Stephen Elop will become chief of Microsoft’s new expanded Devices team, which includes Xbox. Julie Larson-Green, the head of Xbox One and Surface tablet, will run the Devices and Studios team, and will join Elop’s team once the deal is sealed.

“It’s a bold step into the future – a win-win for employees, shareholders and consumers of both companies. Bringing these great teams together will accelerate Microsoft’s share and profits in phones, and strengthen the overall opportunities for both Microsoft and our partners across our entire family of devices and services.

In addition to their innovation and strength in phones at all price points, Nokia brings proven capability and talent in critical areas such as hardware design and engineering, supply chain and manufacturing management, and hardware sales, marketing and distribution.”