REDMOND, Wash., May 18, 2016 /PRNewswire/ -- Microsoft Corp. on
Wednesday announced it reached an agreement to sell the company's
entry-level feature phone assets to FIH Mobile Ltd., a subsidiary
of Hon Hai/Foxconn Technology Group,
and HMD Global, Oy for $350 million.
As part of the deal, FIH Mobile Ltd. will also acquire Microsoft
Mobile Vietnam — the company's Hanoi,
Vietnam, manufacturing facility. Upon close of this deal,
approximately 4,500 employees will transfer to, or have the
opportunity to join, FIH Mobile Ltd. or HMD Global, Oy, subject to
compliance with local law.
Microsoft will continue to develop Windows 10 Mobile and support
Lumia phones such as the Lumia 650, Lumia 950 and Lumia 950 XL, and
phones from OEM partners like Acer, Alcatel, HP, Trinity and
VAIO.
As part of the deal, Microsoft will transfer substantially all
of its feature phone assets, including brands, software and
services, care network and other assets, customer contracts, and
critical supply agreements, subject to compliance with local law.
The transaction is expected to close in the second half of 2016,
subject to regulatory approvals and other closing conditions.
Microsoft (Nasdaq "MSFT" @microsoft) is the leading platform and
productivity company for the mobile-first, cloud-first world, and
its mission is to empower every person and every organization on
the planet to achieve more.
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SOURCE Microsoft Corp.