Nokia shareholders approve Microsoft buyout

Nearly all of Nokia’s shareholders have rubber stamped Microsoft’s €5.44 billion ($7.16 billion) acquisition of the Finnish company’s mobile phone division.

The deal, announced in September, sees Microsoft licensing around 30,000 utility patents owned by Nokia over 10 years.

Microsoft will also acquire the Lumia and Asha brands, more than 8,500 design patents and will sign a 10-year licence to use the Nokia brand on current Nokia products.

Around 99 percent of shareholders attending a general meeting on Tuesday approved the deal.

“This is a significant step forward for Nokia. We are delighted that shareholders have given us overwhelmingly strong support to proceed with this transformative agreement," said the company’s interim chief executive Risto Siilasmaa.

But many of the shareholders vented their anger at the sale of Nokia’s mobile phone business, according to Reuters. One shareholder was quoted by Reuters as saying Nokia has been a “cornerstone” of Finnish society, and “we are losing part of that”.

The deal, which is expected to close in the first quarter of 2014, requires regulatory approval.