Microsoft has agreed to buy Nokia's hardware division for $7.1 billion in cash. Microsoft's a company that makes its own phones now.
Specifically, the deal is for Nokia's Devices and Services division. Microsoft will also license Nokia's patent portfolio. 32,000 Nokia employees will join Microsoft as part of the deal. It comes about two and a half years after Nokia originally bet the farm by jumping all in with Microsoft and Windows Phone. The pairing has turned out some impressive hardware—most recently the Lumia 1020, which has the single best camera we've ever seen on a smartphone—but hasn't been nearly as popular as either side had hoped. The thinking here seems to be that by bringing Nokia hardware under its roof, Microsoft can create a truly unified experience, like Apple and the iPhone.