Microsoft and Nokia on Thursday formalized their partnership with a definitive agreement to develop Windows Phone 7-based Nokia devices. The two companies also said they have made "significant progress" in the development of such phones."At the highest level, we have entered into a win-win partnership," Stephen Elop, president and CEO of Nokia, said in a statement. "It is the complementary nature of our assets, and the overall competitiveness of that combined offering, that is the foundation of our relationship."
Microsoft also confirmed that "Nokia will receive payments measured in the billions of dollars."
"Our agreement is good for the industry," said Steve Ballmer, CEO of Microsoft. "Together, Nokia and Microsoft will innovate with greater speed, and provide enhanced opportunities for consumers and our partners to share in the success of our ecosystem."
Nokia and Microsoft first announced plans to work together in early February, but after 10 weeks of negotiations, they have now formally laid out the terms of the deal.
Specifically, Nokia will provide mapping, navigation, and other location-based services for Windows Phone, while Microsoft will provide Bing search services across the Nokia platform. Read More
