On September 2, telecoms manufacturer Nokia, which is one of Finland's biggest industrial companies, announced a €5.44bn deal to sell its mobile devices and licence associated patents to US software giant Microsoft. Nokia’s devices division was expected to close in the first quarter of 2014, points out Helsingin Sanomat.

The daily adds that “some 32,000 Nokia employees, 4,700 of whom are in Finland, will also be transferred to Microsoft.” Nokia telephones already account for 80 per cent of devices that use Microsoft’s Windows Phone 8 operating system.

The newspaper adds that in the future, the former global leader of the mobile telecoms industry, which was blindsided by the development of smartphones —

… intends to focus on the supply of equipment for telecoms networks with its German partner Siemens, as well as mapping and location services.

Helsingin Sanomat also maintains that —

Nokia obtained a good price in the last-minute deal to sell its mobile devices division, which was virtually bankrupt.