Microsoft has today announced that it will be selling the Nokia feature phone division that it acquired last year to FIH Mobile LTD.

FIH Mobile LTD is part of the smartphone manufacturing company Foxconn, who will be paying Microsoft $350 million to acquire the feature phone business from them.

After the deal has completed, Microsoft has said that it will continue to develop smartphones and work with other partners to create Windows 10 Mobile devices.

As part of this, Microsoft will still develop Windows 10 Mobile, alongside the Lumia phones that they will still own, including the Lumia 650, Lumia 950 and the Lumia 950 XL.

They also aim to work with phones from OEM partners.

As part of the deal, Microsoft will transfer all of its feature phone assets, brands, software, services, care network, customer contracts, supply agreements and more to Foxconn.

It is expected that the acquisition will be closed in the second half of 2016, however, that relies on regulatory approvals.

It is rumoured that Microsoft plans to release a new Surface Phone in the division’s stead.

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