Nokia has announced it has completed the transactions that will allow HMD Global to become the new brand licensee for Nokia feature phones, smartphones and tablets.
HMD Global has secured an exclusive global brand license for a 10-year term. HMD was created by a group of former Nokia employees to revive the Nokia handset brand, and entered the exclusive licensing agreement with Nokia in May.
The necessary transactions involved HMD, Hon Hai subsidiary FIH Mobile and Microsoft, following the latter’s ill-fated purchase of Nokia’s device business for $7.4 billion in 2013.
HMD will continue to provide Nokia branded feature phones for emerging markets, and will also produce new Nokia smartphones and tablets for its device portfolio.
Nokia will receive royalty payments on each sales covering both brand and intellectual property rights.
“We’ve been overwhelmed by the enthusiasm shown around the world for the return of the Nokia brand to smartphones,” Nokia Technologies interim president Brad Rodrigues said.
“The HMD Global team has the ambition, talent and resources to bring a new generation of Nokia branded phones to market, and we wish them every success. I’m sure our millions of Nokia fans will be excited to see their new products.”