Microsoft Cuts Low-End Phones, Acquired from Nokia

choi

Jay Greene and Matthias Verbergt, Microsoft Cuts Low-End Phones; Wireless pioneer Nokia says says its name will live on through new licensing deals. Wall Street Journal, May 19, 2016.
www.wsj.com/articles/nokia-to-re ... ing-pact-1463567015

the first three paragraphs:

"Ten months after writing down much of its disastrous acquisition of Nokia Corp's handset business, Microsoft Corp took another step to unwind the deal.

Microsoft on Wednesday [May 18] agreed to unload its low-end phone business, acquired from Nokia, to FIH Mobile Ltd, a subsidiary of Hon Hai/Foxconn Technology Group, and HMD Global Oy for $350 million. In a separate but related transaction, Nokia entered into licensing pacts with FIH Mobile and HMD Global to put its brand once again on mobile handsets.

"The deal highlights how sharply Microsoft Chief Executive Satya Nadella has shifted the company's mobile strategy since his predecessor, Steve Ballmer, championed the Nokia deal, which closed in 2014. Last summer, Microsoft wrote down about 80% of the $9.4 billion deal, cutting 7,800 workers, mostly in its mobile-phone business. The software giant hasn’t given up on phones.

Note:
(a) There is no need to read the rest, which is not news.
(b) Foxconn International Holdings (FIH; founded in 2000, based in Shenzhen) "is a global provider of handset and wireless communications manufacturing and services.
(c) Microsoft's press release uses "HMD Global, Oy"
(i) HMD global
https://en.wikipedia.org/wiki/HMD_global
(note the lower case for g in "global")

Quote:

"HMD global was created on 18 May 2016, signing a licensing agreement with Nokia Corporation giving HMD sole use of the "Nokia" brand on mobile phones and tablets worldwide for the next decade, and cellular standard essential patent licenses.

"HMD is owned by Smart Connect LP, a private equity fund partly managed by Jean-François Baril. Baril was Senior Vice President of Nokia from 1999 to 2012

(ii) Oy
https://en.wikipedia.org/wiki/Oy
(may refer to "Oy, an abbreviation of Osakeyhtiö, a prefix/postfix indicating a Finnish Limited company")