Nokia sold for £245m

Nokia’s once dominant mobile phone franchise will be given a new life as Microsoft exits the feature phone business it acquired from the Finnish Telecom group for £5.4bn in 2014. Nokia was worth £210bn ($300bn) once a decade ago. They have agreed to sell the unit it acquired from Nokia to Foxconn, the Taiwanese technology group for £245m ($350m). HMD the new Finnish company led by former Nokia and Microsoft telecoms executives would revive the popular Nokia name. Foxconn will acquire the manufacturing, sales and distribution of units Microsoft business while HMD will focus on marketing and selling Nokia-branded devices.