The world of finance is changing fast.
Nokia, the Finnish telecoms giant, has been acquiring and selling mobile phone company Nokia.
The deal, which has been in the works for more than a year, could lead to the consolidation of Nokia’s mobile phone business.
It is believed that Nokia will be buying the remaining 50 per cent of the Nokia brand, as well as its telecoms business.
The news comes just a day after Microsoft announced a deal to buy Nokia’s handset division.
Microsoft will also invest $1bn in Nokia.
It will take Nokia’s core business – which has generated over $100bn in sales for the Finnish company – offline.
In a statement, Nokia said: “Nokia has long been a leading technology leader in the mobile phone market.
Nokia is looking to accelerate its transformation to a more connected, connected and connected-world environment.
Nokia will continue to focus on its core business.”
Nokia is also in talks to acquire the handset business of French phone maker LG.