Finnish telecom equipment maker Nokia said Wednesday it plans a global comeback into its former goldmine of handsets and tablets, by licensing its brand to a newly-created Finnish company.

The Nokia headquarters is seen in Espoo, Finland April 6, 2016.  REUTERS/Antti Aimo-Koivisto/Lehtikuva/File Photo

Nokia was the world’s top mobile phone maker between 1998 and 2011 but was overtaken by South Korean rival Samsung after failing to respond to the rapid rise of smartphones.

In 2011, it chose to bet on the Windows mobile platform, which proved to be a failure. The new product portfolio will be based on Android.

The Finnish company sold its handset unit to Microsoft in 2014 for some $7.2 billion which dropped using the Nokia name on its Lumia smartphones.

The conditional deal between Microsoft and Nokia’s new brandlicensing partners is expected to close in the second half of 2016.

Nokia said the new Finnish company, HMD Global, is a private venture in which Nokia will not hold equity.
Source : (gadgets.ndtv.com)

Advertisements