Microsoft Corp. announced that it is buying Nokia’s Devices and Services business, licensing Nokia’s patents and licensing and using Nokia’s mapping services.

Under the terms of the agreement, Microsoft will pay about  $7.2 billion to purchase substantially all of Nokia’s Devices and Services business and license Nokia’s patents. The transaction is expected to close in the first quarter of 2014, subject to approval by Nokia’s shareholders, regulatory approvals and other closing conditions.

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