A team of former Nokia execs have obtained the brand from Microsoft, where it had foundered under a mobile licensing deal with the Finnish networking giant, for use on a new line of Foxconn-crafted Android phones.
“HMD on Thursday took over the feature phone business that Nokia Corp (NOKIA.HE) sold to Microsoft. It has a licensing deal with Nokia giving it sole use of the brand on mobile phones and tablets for the next decade. It will pay Nokia royalties for the brand and patents, but Nokia has no direct investment in HMD.”
