Microsoft Corp said it will buy Nokia Oyj's phone business and license its patents for 5.44 billion euros ($7.2 billion), making its boldest foray yet into mobile devices and bringing executive Stephen Elop back into the fold.

Nokia chief Elop, a former Microsoft executive, will return as Microsoft's board ponders a successor to current CEO Steve Ballmer, who will depart sometime in the next 12 months after initiating a reorganization intended to transform the software company into a devices and services group in the mould of Apple Inc.

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