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Microsoft to buy Nokia’s handset business

Microsoft has agreed to buy Nokia's mobile phone business for €5.4billion (£4.6bn).

Nokia will also license its patents and mapping services to Microsoft. The transaction is due to close in early 2014, when about 32,000 Nokia employees will transfer to Microsoft. Stephen Elop, pictured, will also step down as president and chief executive of Nokia and resign from the company's board. He will now take up the role of executive vice president of Microsoft's devices & services unit. The transfer comes at a time when the company is looking for a new chief executive. The current head of Microsoft, Steve Ballmer, announced last week that he would be retiring and is expected to leave the company within the next 12 months.