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Nokia-Microsoft Mobile Phone Deal Final

ESPOO, Finland (CNN) — Microsoft is hoping to flex its mobile muscle with a deal to buy up Nokia’s mobile phone business.

The software developer will pay $7.2 billion for control over the second largest phone maker in the world.

It’s a major step toward achieving Microsoft’s goal of challenging Apple and Samsung for dominance in the mobile sector.

Outgoing Microsoft CEO Steve Ballmer spoke about his company’s acquisition of Nokia’s phone business at a press conference in Finland Tuesday.

“Thanks very much to Risto. It has been a great honor and privilege for me, over the last several months, to get to know Risto and and a number of the other Nokia leaders so much better. We’re very excited to bring the best mobile device efforts of Microsoft and Nokia together. Our Windows phone partnership, over the last 2 1/2 years, have yielded incredible work. The stunning Lumia 1020 is perhaps the finest example of that work,” Ballmer said.

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