Tech giant Microsoft has announced that its acquisition of Nokia Devices has been finalized. Nokia Devices was once part of Finnish based Nokia and confirms the telecommunications company's departure from the hardware business.

In a press release Nokia stated that it "completed the sale of substantially all of its Devices & Services business to Microsoft." It's not yet known what Nokia will do with the remaining slivers it owns. All in all, the sale will cost Microsoft upwards of $7.2 billion, depending on "potential purchase price adjustments." Nokia elaborated on that statement by affirming that more cash will be flowing their way.

"The estimate of the adjustments made for net working capital and cash earnings was slightly positive for Nokia, and we currently expect the total transaction price to be slightly higher than the earlier-announced transaction price of EUR 5.44 billion after the final adjustments are made based on the verified closing balance sheet."

Other changes afoot for the once dominant Finnish firm include the closure of a Korean manufacturing facility. Other facilities, like one in Chennai, India, will eventually be passed over to Microsoft. Until then, Nokia will assist the Redmond, Wash.-based company in producing handsets.

"Amid the uncertainty for our employees in Chennai and because of the planned closure of our facility in Masan, Nokia plans to offer a program of support, including financial assistance which would give our employees the chance to explore opportunities outside Nokia starting from a sound financial base. The company plans to bring to Chennai and Masan elements of its Bridge program, which we have made available for employees affected by company changes in other sites."

Microsoft penned a statement of its own detailing exactly what it acquired with the multi-billion dollar transaction.

"With the deal closed, Microsoft acquires Nokia's smartphone and mobile phone businesses, its design team, most of its manufacturing and assembly facilities and operations, and sales and marketing support ... The acquisition also brings key capabilities around supply chain, distribution, operational processes and systems and skill in managing hardware margins to Microsoft. The unified company will benefit from speedier execution and best-in-class business operations."

Clearly Microsoft is angling to increase its position in the smartphone arms race. Currently, Android and Apple outpace Windows Phone in marketshare by wide margins. This acquisition should help Microsoft at least get an edge in the design and manufacturing of future Windows phones.

Would you be interested in purchasing a Windows 8.1-powered Nokia Smartphone in the future? Let us know in the comments section below.