Nokia shareholders were expected to approve the sale of its mobile phone business to tech giant Microsoft Corp. on Tuesday.

 In a report by Reuters, the Finnish multinational agreed in September to sell its devices and services business and license its patents to Microsoft. The takeover deal was reportedly worth EUR5.44 billion (USD7.36 billion). 

Reuters said Nokia agreed to the buyout after losing in the smartphone race. The sale is expected to close in the first quarter of next year. 

According to the report, the deal's financial benefits outweigh the resounding resistance from a number of Nokia investors. The EUR5.44 takeover would bolster the company's financial position to EUR8 billion from just EUR2 billion in the third quarter. 

The deal would also enable Nokia to return cash to shareholders, possibly in the form of a special dividend, Reuters said. 

After divesting its loss-making mobile phone business, Nokia would earn 90% of sales from telecom equipment unit Nokia Services and Networks. The rest would be sourced from its navigation software business and other patents. 

At one point during its glory days, Nokia accounted for 4% of Finland's gross domestic product, Reuters said.