Despite the icy rain that poured down in Helsinki, thousands of Nokia shareholders made it out to cast their vote about what should happen the Nokia. The crowd definitively agreed that the mobile company should be sold to Microsoft. At one point in time Nokia was a dominate force in phone manufacturing, but after today the company is on its way into anonymity.
The vote was held in Ice Hall which is the home of the ice hockey team of the country, and history was made when 99% of the crowd voted for Nokia’s mobile phone division to be sold. Microsoft was able to acquire Nokia for a very impressive £4.6bn. Chairman of the mobile company, Risto Siilasmaa, stated that he knew that Finns would have very bittersweet feelings about the fact that it was sold.
He went on to explain that he knew that the company and the board of directors were going to come under fire for their decision that the company would need to be sold. However, they said that when making the decision about whether or not to sell the company they realized that to continue on the same path that Nokia was on with the same strategy in place would lead to larger problems for the employees and shareholders of the company.
The sale will be officially complete by the start of 2014 at which point Nokia will only have its telecoms equipment business, some patents, and an online mapping division. The remaining equity in the company will lay with its very valuable patents out of which only ten percent have actually been licensed to date. Despite the closure of the mobile arm of the company 6,000 employees will continue to be employed by Nokia in Finland which should help soften the blow.