Nokia shareholders have approved a $7.2 billion Microsoft buyout on Tuesday, The Financial Times reports.

Some smaller shareholders are protesting the sale, but 99.7% of the investors present at a company meeting in Helsinki voted in favor of the acquisition.

Microsoft announced in September 2013 that it plans to acquire Nokia's devices and services business for $7.2 billion in cash. As part of the agreement, Nokia engineers and CEO Stephen Elop joined Microsoft.

The deal follows a partnership between the two companies, announced in 2011, in which Nokia all but gave up on Symbian as its primary smartphone OS, focusing instead on Microsoft's Windows Phone operating system.

Nokia sold a record 8.8 million Lumia smartphones in the third quarter of the year.

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