Microsoft sells brand: New Nokia phones and tablets are coming

"HMD and Nokia Technologies have signed an agreement with FIH to establish a collaboration framework to support the building of a global business for Nokia-branded mobile phones and tablets", Nokia explained in its release.

The new HMD company, was founded in Finland seemingly just as a way to get Nokia and its eponymous brand back into the smartphone and devices game that it exited when Microsoft bought part of the company two years ago.

FIH Mobile will also acquire Microsoft Mobile Vietnam - the company's Hanoi, manufacturing facility.

This deal will allow Foxconn access to all the feature phone assets of Microsoft, including their brands, software and services, contracts and agreements and care network.

The deal will affect about 4,500 Microsoft employees, who Redmond said "will transfer to, or have the opportunity to join" FIH or HMD. We hope to see Nokia branded smartphones, feature phones and tablets returning to its old glory. Company has also made an offer for Microsoft to sub-license Microsoft's current rights to use Nokia in cheap, basic functionality phones.

This announcement does not affect Microsoft's existing Windows 10 mobile devices, including its Lumia range.

As part of the process, HMD Global and its Taiwanese partner, FIH Mobile of FoxConn Technology Group, will take over Microsoft's feature phone business for $350 million, which it had bought from Nokia in 2014, the United States company said. It's all rather incestuous and confusing, but the long and short of it is: New Nokia-branded phones and tablets are on the way.

HMD's CEO will be former Nokia and Microsoft Mobile Devices executive Arto Nummela, and Nokia will have a place on HMD's board of directors. The Microsoft transaction is expected to close in H2 2016. "We will work with world-class providers in manufacturing and distribution to move quickly and deliver what customers want". "Working with HMD and [Foxconn] will let us participate in one of the largest consumer electronics markets in the world while staying true to our licensing business model".

Nokia won't be developing the new smartphones in-house, however.

Source: Microsoft sells brand: New Nokia phones and tablets are coming