Nokia has agreed the sale of its devices, services business

and license its patents to Microsoft for 5.44 billion euros.

The sale means that Nokia is cash rich to the tune of 8 billion euros.

Shareholders voted for the move in large numbers crushing opposition that wanted to keep the company in Finnish hands.

Nokia’s fall from grace was a result of its slow recognition of the market potential of smartphone development.

Nokia earlier this year suspended its annual dividend for the first time in the 148-year-old company’s recorded history in an attempt to preserve cash.

It is believed that the company plans to return money to shareholders, possibly through a dividend payment.

Microsoft has yet to reveal how it will integrate Nokia and its products into its operations.