Nokia to sell phone unit to Microsoft for 5.44 billion euros

Beleaguered Finnish company Nokia announced on Tuesday the sale of its mobile phone unit to Microsoft for 5.44 billion euros ($7.17 billion), bringing to an end its days as a phone maker.

Nokia will grant the US software giant a 10-year non-exclusive license to its patents and will itself focus on network infrastructure and services, which it called "the best path forward for Nokia and its shareholders."