Microsoft will buy the mobile phone arm of Nokia for €5.44bn (£4.6bn). Nokia will sell off the business that was once Finland’s most important export. The deal will also involve 32,000 staff being transferred to Microsoft. Nokia has recently been overtaken in the Smartphone market by the likes of Apple and Samsung. As a result Nokia’s board have decided to end the company’s role as a once dominant force in the mobile market. Stephen Elop who is Nokia’s chief executive has also stepped down from the company’s board. The handset business will be transferred to Microsoft, and Stephen will become the new head of the devices division once transaction is complete. This major acquisition by the tech giant is part of their strategy to move into the device manufacturing business. Bill Gates (CEO) hopes that this bold move will help achieve the kind of success Apple are enjoying.