Nokia phones to return after Microsoft sells mobile assets

In a move that will see Nokia devices return to the market, Microsoft is selling its feature phone assets to a subsidiary of Taiwanese firm Foxconn Technology and newly-established firm HMD Global.

The deal is valued at $350 million.

Some 4,500 employees also will transfer to or have the opportunity to join either Foxconn subsidiary FIH Mobile to HMD Global.

On Wednesday, HMD Global announced it signed a licensing agreement with Nokia Technologies – Nokia's licensing unit – allowing the use of the Nokia brand on mobile phones and tablets worldwide during the next decade. It also picked up the licensing rights to key cellular patents.

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