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`EXHIBIT 3
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`4/30/23, 1:56 PM
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`Nokia brand returns under Foxconn - Nikkei Asia
`Case 1:22-cv-22706-RNS Document 176-3 Entered on FLSD Docket 05/06/2023 Page 2 of 4
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`BUSINESS
`
`DEBBY WU, Nikkei staff writer
`May 19, 2016 00:00 JST
`TAIPEI -- Microsoft is selling its feature phone business to FIH Mobile, a Hong Kong-listed unit of key iPhone
`assembler Hon Hai Precision Industry and Helsinki-based holding company HMD global Oy for $350
`million. The deal will see the return of the Nokia brand to the global mobile phone and tablet markets with the
`Taiwanese manufacturer licensing the brand for 10 years.
`
`The move by Microsoft reflects the U.S. tech giant's further retrenchment from the smartphone hardware
`business after its bungled Nokia acquisition. For Hon Hai, or Foxconn Technology Group, the acquisition
`provides it with new business opportunities at a time when global demand for smartphones, particularly premium
`ones, is on the wane.
`
`FIH will pay $330 million while HMD will foot the remaining. Newly established HMD is controlled jointly by its
`management and a private equity fund run by former Nokia executive Jean-Francois Baril. According to his
`LinkedIn profile, Baril is a senior adviser to Foxconn Chairman Terry Gou. The transaction is expected to close in
`the second half of 2016.
`
`Nokia will be leasing its brand to HMD for 10 years. HMD said that it would spend over $500 million over the
`next three years to market Nokia-branded mobile phones and tablets with plans to launch Android
`smartphones, and FIH will serve as its manufacturing partner. The license does not include the Japanese market.
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`https://asia.nikkei.com/Business/Nokia-brand-returns-under-Foxconn
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`4/30/23, 1:56 PM
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`Nokia brand returns under Foxconn - Nikkei Asia
`Case 1:22-cv-22706-RNS Document 176-3 Entered on FLSD Docket 05/06/2023 Page 3 of 4
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`"We are looking forward to fostering a strong and long-term collaboration with HMD global and Nokia. We are
`impressed by the experience and expertise of the HMD management team and are committed to supporting them
`with our manufacturing, technology and supply chain capabilities, to capture market opportunities together in the
`future," FIH Chairman Vincent Tong said in a statement on Wednesday.
`
`"Today marks the beginning of an exciting new chapter for the Nokia brand in an industry where Nokia remains a
`truly iconic name," said Nokia President Ramzi Haidamus in the same statement. "Working with HMD and FIH
`will let us participate in one of the largest consumer electronics markets in the world while staying true to our
`licensing business model."
`
`As part of the deal, FIH will also acquire Microsoft's mobile phone manufacturing facility in Hanoi, Vietnam.
`
`Microsoft has been seeing its mobile phone business slump. It sold 2.3 million Lumia smartphones and 15.7
`million feature phones in the three-month period through March, compared with 8.6 million Lumia units and
`24.7 non-Lumia handsets in the same period last year.
`
`Nokia counts as a major client for FIH, which also makes phones for Chinese smartphone brands including
`Huawei and Xiaomi.
`
`"Feature phones are a minor business for Microsoft, but it is not so for Foxconn," a person familiar with the deal
`said. "Through this deal, Foxconn is helping Microsoft get rid of something redundant for the U.S. company while
`improving its chances of doing more business with the U.S. tech giant and Nokia in the future."
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`https://asia.nikkei.com/Business/Nokia-brand-returns-under-Foxconn
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`4/30/23, 1:56 PM
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`Nokia brand returns under Foxconn - Nikkei Asia
`Case 1:22-cv-22706-RNS Document 176-3 Entered on FLSD Docket 05/06/2023 Page 4 of 4
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`FIH is facing tough times as the company has been hit by China's economic slowdown. The Hong Kong-listed
`entity warned earlier in May that first-half net profit will plunge as far as 92% to $10 million on revenue of $2.5
`billion, down 35%.
`
`Challenged by headwinds in the China market, FIH simply could not afford to lose Nokia orders and feature
`phones would offer a better margin than smartphones, people familiar with the situation said.
`
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`https://asia.nikkei.com/Business/Nokia-brand-returns-under-Foxconn
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