By Brendan Sasso - 09/03/13 01:22 PM EDT
"It’s a bold step into the future – a win-win for employees, shareholders and consumers of both companies, Microsoft CEO Steve Ballmer said in a statement
. “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.”
The deal is reminiscent of Google's $12.5 billion purchase of Motorola Mobility in 2011.
Microsoft said it expects the deal, which must receive approval from antitrust regulators, to close in the first quarter of 2014.