Microsoft today announced that it will acquire Nokia's Devices & Services division, which includes its smartphone and mobile product arms, for a sum of over $7.1 billion. The acquisition is expected to close sometime in 2014, pending regulatory approval. The landmark deal represents an aggressive expansion to Microsoft's Windows Phone efforts, with Nokia now providing the company with an in-house smartphone development and manufacturing infrastructure.

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For over two years, Nokia has produced a series of flagship Windows Phone devices, including the recent Lumia 1020 and Lumia 928. Nokia CEO Stephen Elop will join Microsoft and lead an "expanded devices team." Julie Larson-Green -- Microsoft's current overseer for Devices and Studio Engineering, which encompasses all hardware, including Xbox -- will continue to lead the division until the acquisition is completed, after which she will join Elop's new team. Elop will lead the new division, including Xbox, at that time.The news comes on the heels of Microsoft's announcement in late August that CEO Steve Ballmer would be retiring within the next 12 months

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