Microsoft sells Nokia's feature phone business to FIH Mobile & HMD Global for $350M
The feature phone business unit which makes entry level mobile phones such as the Nokia 105, 230 dual SIM mobile phones. Under the terms of the deal, the remaining 4500 workers under the feature phone unit would be able to choose to join FIH Mobile or HMD Global. Despite the sale of the feature phone unit, Microsoft will continue to develop and manufacture Windows Mobile devices under the Lumia brand.
FIH Mobile which is a subsidiary of Han Hoi Precision Industries (Foxconn Technology Group) the contracting manufacturer of Apple's iPhone and iPad line of devices, expected to acquire Nokia's Vietnam factory as part of the deal.
HMD Global, Oy led by ex-Nokia executive Aro Hummela, has also acquired the necessary licensing rights to use the Nokia brand exclusively for mobile devices and tablets until 2024.