Microsoft will buy Nokia’s handset business for €5.44bn ($7.2bn). The deal includes paying €3.79bn for the devices unit and €1.65bn for patents. Nokia's sales therefore will be slashed in half and CEO Stephen Elop will step aside, returing to Microsoft. The transaction is planned to be closed by end of March 2014. The Finish group will focus on the network business and the developement of its card services under the brand "Here". Both tech giants are under permanent pressure due to missing innovation.