REDMOND, Wash. — Microsoft Corp. revealed late Monday it will buy Nokia Corp.’s devices and services business, getting access to the company’s patents, for $7.2 billion in an effort to expand its share of the smartphone market.
Microsoft will pay $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 $2.2 billion for a 10-year license to use Nokia’s patents, with the option to extend it indefinitely.
‘‘We are very excited about the proposal to bring the best mobile device efforts of Microsoft and Nokia together,’’ Microsoft chief executive Steve Ballmer said in a memo to employees. ‘‘We are receiving incredible talent, technology, and IP (intellectual property).’’ Full story for BostonGlobe.com subscribers.
Material from the Associated Press and The New York Times was used in this report.