Microsoft has sold its featurephone business to Foxconn

Satya NadellaChinaFotoPress via Getty ImagesMicrosoft CEO Satya Nadella.

Microsoft is reportedly selling its featurephone business to manufacturing company Foxconn, The Verge reports.

The deal, which is reportedly worth $350 million (£242 million,) will give Foxconn company FIH Mobile the right to use the Nokia brand, and 4,500 employees will also work for the new company.

This story is developing…

NOW WATCH: Uber is making customers pay for having drivers wait

NOW WATCH: Tech Insider videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.