Nokia shareholders have reportedly agreed to sell out the Finnish company's mobile business to software giant Microsoft for a deal valued at 7.2 billion dollars.
The acquisition deal was objected by some of Nokia's investors, but it has now been given a go ahead by majority of the investors that is expected to close early next year.
According to the BBC, shares of Nokia have been plummeting owing to competition from rivals like Apple and Samsung.
In September, Microsoft had agreed to buy Nokia's phone business and licence its patents.
The report said that the deal was approved by 99.5 percent of Nokia's 3,900 investors at a meeting for shareholders in the Finnish capital of Helsinki.
Nokia Chairman Risto Siilasmaa said that he believed the sale would raise deep feelings among Finns, who regard the phone company as a national success.
Former president chief executive of Nokia Corporation, Stephen Elop had left Microsoft to join the mobile business in 2010, and now he is expected to be the potential replacement for the software manufacturer's outgoing chief executive Steve Ballmer.
