Nokia has announced that it is to licence its brand and intellectual property to a newly-created company, HMD Global.
HMD announced yesterday (18 May) that it has conditionally agreed to acquire the rights from Microsoft to use the Nokia brand on feature phones. The company will work to produce and sell Android smartphones and tablets.
HMD is to invest more than $500 million over the next few years to support the global marketing of its Nokia-branded phones and tablets. The funding will come from investors and profits.
Nokia is to “set mandatory brand requirements and performance-related provisions”. For the consumer, it means Nokia feature phones are to make a comeback as well as a new range of Android smartphones and tablets.
Nokia said HMD’s new portfolio would unite one of the world’s “iconic mobile brands with the leading mobile operating system and app development community”.