According to a Reuters report, Microsoft would be buying Nokia's handset business for EUR5.44 billion ot USD7.2 billion. The move, which would also bring in Nokia CEO Stephen Elop back to his former employer, was said to be the most boldest decision that Microsoft has done to foray into the smartphone market.

It is to note that while Microsoft is seeking out a new successor to its current chief executive Steve Ballmer,  the buyout might have been one step of Microsoft's in hiring its next CEO. Elop, who was hired by Nokia in 2010 from Microsoft, was said to be one of the frontrunners to replace Ballmer.

Ballmer, who has shifted Microsoft's focus to mobile devices and services to compete with the likes of Apple and Samsung, failed to do so with the Surfact tablet launched in 2012.

Nokia said in a statement that aside from Elop, the company's senior executives Juha Putkiranta, Jo Harlow, Chris Weber and Timo Toikkanen would also be transferring to Microsoft. Leaving Nokia CEO-less, the Finnish compant chairman Risto Siilasmaa would take over interim duties.