Microsoft has announced that the rights to use the Nokia trademark in the manufacture of feature and smartphones, and tablets has been sold to Finish company HMD Global.
Another part of the $350 million deal sees Hon Hai/Foxconn subsidiary FIH Mobile acquiring the Microsoft Mobile Vietnam manufacturing facility.
Around 4,500 employees will transfer from Microsoft to the two companies.
HMD Global - which is headed by two ex-Nokia executives - says it plans to invest $500 million over the next three years to bring the Nokia brand back to western markets using the Android OS.
It will work with FIH Mobile in terms of the design and manufacture of new devices.
As for the future of Windows Mobile, Microsoft reaffirmed its commitment to supporting Windows 10 Mobile and existing Lumia phones and devices from OEM partners like Acer, Alcatel, HP, Trinity and VAIO.
However, it didn't comment about whether it would be releasing any new Lumia devices.