As we reported last week, Microsoft today confirmed that they are selling their feature phone business to Foxconn for about $350 million USD. Foxconn will own the Nokia branding rights for feature phone, Nokia feature phone software, related services customer contracts, and critical supply agreements.

Foxconn will also acquire Microsoft Mobile Vietnam — the company’s Hanoi, Vietnam, manufacturing facility. Upon close of this deal, approximately 4,500 employees will transfer to, or have the opportunity to join, FIH Mobile Ltd. or HMD Global, Oy, subject to compliance with local law.

The transaction is expected to close in the second half of 2016, subject to regulatory approvals and other closing conditions.