Microsoft Corporation (NASDAQ:MSFT)’s planned acquisition of Nokia’s devices division has been approved by Nokia’s shareholders. That’s according to a story in the Financial Times. An overwhelming majority of 99.7% of those who participated in the vote approved Microsoft’s offer to purchase the division from Nokia Corporation (NYSE:NOK) (BIT:NOK1V) (HEL:NOK1V) this morning.

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Microsoft buys Nokia’s devices for $7.2 billion

The talks between Microsoft Corporation (NASDAQ:MSFT) and Nokia Corporation (NYSE:NOK) (BIT:NOK1V) (HEL:NOK1V) date back to February when the two companies agreed that their Windows Phone partnership wasn’t all they hoped it would be. Reports have suggested that Nokia met as many as 50 times to talk about selling the devices division after the company originally partnered with Microsoft a couple of years ago.

As part of the deal former Nokia CEO Stephen Elop, who stepped aside after the deal was announced, will return to Microsoft. There has been a rumor that he is in line to take the CEO position at Microsoft in a few years.

What will Microsoft do with Nokia’s devices?

At this point Microsoft Corporation (NASDAQ:MSFT) hasn’t revealed just how it will integrate Nokia’s Lumia Windows Phone lineup into its other products. The company is also buying Nokia’s Asha feature phone line. We have heard, however, that Microsoft could change up the naming of the Windows Phone devices to better integrate them with its new strategy of one company.

Firm raises Microsoft’s PT to $39

Microsoft’s plan for Nokia Corporation (NYSE:NOK) (BIT:NOK1V) (HEL:NOK1V)’s devices could change some analyst views of the company.

On Monday McAdams Wright Ragen raised their price target for Microsoft to $39 per share, although they kept their Hold rating on the company’s stock. They note that the company did beat expectations in its latest earnings. They also point out that Windows was the top contributor to Microsoft Corporation (NASDAQ:MSFT) first quarter upside even though consumer PC sales were still weak. Enterprise remains the company’s strong-suit, and the analysts were encouraged by the 47% year over year increase in search ad revenue.

They initiated their 2015 estimates for Microsoft Corporation (NASDAQ:MSFT) but raised their 2014 estimates just slightly. They’re now expecting fiscal 2014 revenue of $85.9 billion and earnings per share of $2.68. That’s compared to their previous estimate of $80 billion in revenue and $2.67 per share in revenue. For 2015, they’re projecting revenue of $91.2 billion and earnings of $2.87 per share.