Microsoft to officially take over Nokia on Friday

Posted at 04/22/2014 3:14 PM | Updated as of 04/23/2014 9:23 AM

Microsoft will be taking over Nokia in a few days after sealing a $7.2 billion deal.

On April 25, Nokia will sell "substantially all of its Devices & Services business to Microsoft."

Nokia's latest update says that "certain customary closing conditions" are all that stands in the way of the acquisition being finalized.

Microsoft has agreed to oversee and manage Nokia.com and all of the company's social media sites for at least a year.

As soon as the deal is rubber stamped, the name "Nokia" will also be dropped. It will be replaced by the new subsidiary Microsoft Mobile. - ANC