Microsoft buying Nokia's devices and services unit

Microsoft Corp. is buying Nokia Corp.'s devices and services business, and getting access to the company's patents, for a total of 5.44 billion euros ($7.2 billion) in an effort to expand its share of the smartphone market, the companies announced late Monday.

Microsoft will pay 3.79 billion euros ($5 billion) for the Nokia unit that makes mobile phones, including its line of Lumia smartphones that run Windows Phone software. Microsoft is also paying 1.65 billion euros ($2.2 billion) for a 10-year license to use Nokia's patents, with the option to extend it indefinitely. (AP)