Microsoft purchased Nokia's devices and services business for $7 billion in an effort to strengthen its position in the mobile device market. The deal will see Microsoft acquire Nokia's Lumia smartphone brand, Asha phones, and patents to help drive its vision of being a leader in "devices and services". It is believed the acquisition will benefit both companies by increasing Microsoft's mobile market share and providing Nokia a more solid financial foundation. The transaction is expected to close in 2014's first quarter, pending regulatory approval.