Just before the final closing of Nokia-Microsoft deal, which is supposed to be completed before the end of April, a shocking revelation has been made. As per the latest update, the Nokia Oyj will be renamed as Microsoft Mobile Oy very soon.Here it is noteworthy that Oyj means "public stock company" while the term Oy is generally used for a "corporation".
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A leaked letter from the company said, “Please note that upon the close of the transaction between Microsoft and Nokia, the name of Nokia Corporation/Nokia Oyj will change to Microsoft Mobile Oy. Microsoft Mobile Oy is the legal entity name that should be used for VAT IDs and for the issuance of invoices".
To rewind: In Sep 2013, Microsoft announced that it signed an agreement to acquire Nokia's Devices and Services business, licensed patents and its mapping services for EUR5.44 billion ($7.17 billion) in cash, payable at closing. With this dead, the Redmond giant Microsoft is buying Nokia's mobile phones division, including the teams that make feature phones. However, Microsoft is not buying the divisions working for Nokia’s network equipment business and Here maps.
