We are proud to announce that the Nokia brand will be returning to the worldwide mobile phone and tablet market.

Earlier today, we found out that Microsoft was selling its feature phone business, branded using Nokia's name, to a Foxconn subsidiary, FIH Mobile. After being acquired by Microsoft past year, the Nokia brand has been knocking about in Redmond, with the feature phone business being put into 'maintenance mode, ' the Lumia name being converted to Microsoft Lumia, and the Nokia N1 tablet being produced under license.

The purchase by Hon Hai, known internaationally as Foxconn Technology Group, comes as a part of a cooperation deal between Finnish telecom equipment-maker Nokia and HMD Global, a newly created Finnish company, to enter the handsets and tablets markets. The transaction is expected to close in the second half of 2016.

Headquartered in Helsinki, Finland, HMD is a new private venture founded to create a new generation of Nokia-branded mobile devices.

It comes just two years after Microsoft acquired Nokia's handset division for £4.5 billion. Meanwhile, HMD president Florian Seiche is now SVP of Microsoft's mobile Europe Sales and Marketing and previously worked at companies like Nokia and HTC.

The deal between Nokia and HMD will last for a decade and will result in "beautifully designed, high quality products.in line with Nokia's brand promise".

The Redmond, Wash. -based software giant said it will continue to develop Windows 10 Mobile and support the Lumia line and Windows Phone devices from its manufacturing partners.

“We will work with world-class providers in manufacturing and distribution to move quickly and deliver what customers want".

HMD plans to release Nokia branded smartphones, as well as tablets.