Microsoft Corporation (NASDAQ:MSFT) is closing in on their Nokia acquisition after eight months on Friday. Both companies jumped through financial and regulatory hoops. The companies already finalized last-minute transaction details.

Microsoft nokia

Microsoft announces plans to close the deal

Microsoft Corporation (NASDAQ:MSFT) just announced plans on its official blog to close the deal. The deal was officially announced late last summer, however there have been several hold-ups that have kept the two companies from meeting the first quarter closing deadline.

Nokia is splitting up into two divisions. The handset division will be a part of Microsoft and the telecom infrastructure group Nokia Solutions and Networks will be a separate group.

Brad Smith (General counsel and EVP for legal/corporate affairs) offered the following on his blog: “The completion of this acquisition follows several months of planning and will mark a key step on the journey towards integration. This acquisition will help Microsoft accelerate innovation and market adoption for Windows Phones. In addition, we look forward to introducing the next billion customers to Microsoft services via Nokia mobile phones. As with any multinational agreement of this size, scale and complexity, our two companies have made adjustments to the original deal throughout the close preparation process. We’ve entered into numerous agreements to address items ranging from manufacturing to IT.”

Nokia failing to capture market

For the last few years, Nokia Corporation (ADR) (NYSE:NOK) (BIT:NOK1V) (HEL:NOK1V) has failed to capture a large portion of the mobile phone market. With increased competition from the likes of Apple and Android, it really is no surprise Nokia has failed to capture the market. Microsoft’s acquisition of Nokia was an effort to boost both companies and give the companies a shot at success. Only time will tell if this acquisition proves fruitful for both Nokia and Microsoft.

Nobody knows whether Microsoft Corporation (NASDAQ:MSFT) will keep the Nokia name for smartphones or if the brand name will be dropped.