HONG KONG: Microsoft Corp agreed to sell its feature phone business to FIH Mobile Ltd. and HMD Global for US$350mil, exiting a business that once dominated the mobile market under the Nokia name before Apple Inc's iPhone.
FIH, part of Foxconn Technology Group, will also acquire a manufacturing facility in Hanoi, Microsoft said in a statement yesterday. About 4,500 employees will transfer to the new owners with HMD also signing an agreement to make new devices under the Nokia brand.
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