The Microsoft-Nokia acquisition deal was finalized on Friday, April 25, after Microsoft Corp. announced a year ago that the company intended to purchase Nokia's Devices and Services business.

It was on February, 2011, that Microsoft and Nokia made an agreement to start building mobile devices together, the result of which was the Lumia smartphone line which has since gone on to receive industry acclaim.

In September, 2013, the two companies entered a deal for Microsoft to buy the Nokia Devices and Services business. This segment of Nokia's business includes its mobile device business, marketing support, sales, operations, assembly facilities, manufacturing and design team.

"The 7.2 billion acquisition deal of Nokia's handset business is now officially welcomed by the Microsoft family," said the company's General Counsel Brad Smith.

It was under the leadership of then Chief Executive Officer Steve Ballmer on September 2, 2013, that the acquisition deal was originally conceived. Eight months ago, the deal amounted to $5 billion for "substantially all" Nokia Devices & Services business; plus $2.2 billion for licensing the wide portfolio of patents.

China was among the last countries to approve the Microsoft-Nokia acquisition deal.

According to alleged messages from customers and suppliers of Microsoft, the Devices and Services business will be named Microsoft Oy, with the term "Oy" being the Finnish word for "LLC" or "Ltd." Its ownership will be entirely as a Microsoft subsidiary.

Microsoft Mobile will be headquartered in Espoo, Finland. However, there is no confirmation yet of how this would be named, as Microsoft has not realeased a comment as of yet.

Former CEO Stephen Elop of Nokia, and former Microsoft executives, takes the helm of the subsidiary, which now has 30,000 employees. Smith noted a few last-minute changes of the acquisition, which includes transfer of 21 China-based employees to Microsoft, cancellation of Nokia manufacturing transfer in South Korea to Microsoft, and Microsoft to manage the Nokia domain as well as its social media sites for a year.