Nokia, the tech world’s most successful failure, is buying its way out of the huge hole it’s in, purchasing Motorola’s wireless network unit for $1.2 billion.
Nokia dominated the mobile industry in Europe in the years of dumb phones, but has never been able to break into the smartphone market, particularly in North America, where Apple, RIM and HTC dominate.
Nokia hopes the move will give them greater access to the North American market, while Motorola regroups to focus more on handsets and hardware under the name Motorola Mobility.
The network will be purchased by Nokia Siemens, a joint venture between Nokia and Siemens.
While this deal is going through, Nokia is allegedly seeking to replace its current CEO, Olli-Pekka Kallasvuo who is being blamed for the company’s inability to break into the smartphone market.
Nokia: If You Can’t beat ‘Em, Buy ‘Em
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