Microsoft Is Buying Nokia’s Devices & Services Unit

Microsoft issued a pricey challenge to Samsung and Apple on Monday when it announced that it will be paying $7.2 billion to buy Nokia’s handset business. Bundled in the deal is the Finnish company’s line of Lumia smartphones that run, you guessed it, Windows Phone software.

The acquisition should be complete by early 2014, which includes the transfer of 32,000 Nokia employees to Microsoft.

Microsoft CEO Steve Ballmer, who is set to retire within the next year, is “very excited”.