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Nokia returning to smartphone market in 2017

Alex Yau
December 2, 2016

It follows the completion of a £240 million deal signed by the Finnish company, HMD and Foxconn subsidiary FIH Mobile

Nokia will officially re-enter the mobile phone market next year following the completion of negotiations between itself, HMD and Foxconn subsidiary FIH Mobile.

Transactions between the three in the £240 million agreement announced in May were completed this month (December 1). The deal promised to bring Nokia-branded devices back to the market just two years after Microsoft revealed it was axing the 150-year-old brand.

It will see HMD and FIH Mobile Limited manufacture handsets and tablets under the Nokia name around the world over the next decade. Both have confirmed a release next year, but have given no set date.

The manufacturer will receive royalty payments from HMD for the sale of every Nokia branded mobile phone and tablet. The Finnish company confirmed it is not an investor or shareholder in HMD.

Nokia interim president Brad Rodrigues said: “We’ve been overwhelmed by the enthusiasm shown around the world for the return of the Nokia brand to smartphones.

“The HMD Global team has the ambition, talent and resources to bring a new generation of Nokia branded phones to market, and we wish them every success. I’m sure our millions of Nokia fans will be excited to see their new products.”

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