Editor's note: Jim Boulden is a correspondent for CNN's international programming based in London. Follow him on Twitter.
London (CNN) -- It's easy to ask why Microsoft would want to buy Nokia when its share of the smartphone handset market is sliding. What can Microsoft possibly do to reverse Nokia's fading fortunes?
The emails from analysts pouring into my inbox are evenly split -- great idea or a disaster; relatively cheap bet by Microsoft (at $7 billion) or a share price-eroding move.
Read more: Why deal is good for both
As Microsoft sets out to buy Nokia, CNN takes a look through some of the Finnish mobile giant's unique designs. Pictured here is the Nokia Mobira Cityman, announced in 1989.
Nokia through the ages
So, can Microsoft leverage its monopoly selling software and services contracts to corporations, and get a slice of the employees' mobile business? Or, by getting a product which it is already in partnership with, is Microsoft simply buying the cow when it's already getting the milk?
Watch more: Microsoft's deal with Nokia
The deal comes as no surprise. When Stephen Elop left Microsoft more than two years ago to become Nokia's first non-Finnish CEO, it seemed logical the two companies would eventually meld.
One question rightly being asked, is whether rival handset makers or operators will simply stop making phones with Microsoft's mobile operating system.
In my view, it doesn't matter. Nokia and Microsoft joined ranks two years ago and the others were a fraction of Microsoft's fraction of the mobile operating market.
Read more: Is one mobile enough?
Who will replace Ballmer at Microsoft?
The question in my mind, is whether Microsoft can take its mobile operating system and make it a player in the burgeoning market of cheap smartphones.
Microsoft to buy Nokia's phone business
Nokia still makes more handsets than any other manufacturer, and now that's Microsoft's business. Nokia's market share was 23.4% in the last quarter of 2012, according to research firm Gartner. That's because Nokia sells an enormous number of cheaper mobiles in emerging markets.
Microsoft's task, then, is to stuff a cheaper version of its smartphone OS into these more affordable phones. The sales channel is there. The brand name of Nokia is known the world over. Microsoft is an expert at sales and marketing.
The bigger task may be to integrate more than 30,000 employees into the Microsoft ecosystem. Many companies gamble that a bolt-on acquisition is the sure-fire solution to a missing piece of the puzzle. But it can set a company up to fail.
A real competitor to Google-Android and the Apple iPhone could be around the corner. But it will be a huge task for Steve Ballmer's successor.
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Nokia 1011, announced in 1992. Nokia isn't the first phone company to be bought by Microsoft. It bought Danger in 2008, which it then used to launch the Microsoft Kin phone.
Nokia 2110, from 1994. Nokia, which was the number one seller of mobile phones globally in 2007, had a tough few years before the stewardship of Stephen Elop slowly started to turn it around.
Nokia 8110, announced in 1998. Since its rebirth, Nokia has over taken BlackBerry in around 34 markets, according to the company.
Nokia 3650, introduced in 2003. Analysts say the deal will likely benefit Microsoft in the same way that creating and making smartphones has for Apple.
Nokia 9110i Communicator, released in 2000. As retailers throughout the last century showed, if you make and sell your own products, the margins can be higher, and the profits better.
Nokia 6630, announced 2004. As the world's austerity drive continues, Microsoft will be able to reap rewards once it owns Nokia outright.
Nokia 7280, released in 2004. Not much is likely to change in the short term, but Nokia will more than likely move into the tablet arena a lot quicker, say analysts.
Nokia 7260, from 2004. Microsoft's Surface tablet is likely to be rebranded or ditched completely, in favor of something more Nokia-flavored.
Nokia 5500, announced in 2006. Microsoft will license the Nokia name for the next 10 years.
Nokia N93, from 2006. Microsoft's CEO Steve Ballmer has announced that he'll be stepping down over the next year. Will Stephen Elop, the former Nokia CEO, one day replace him?
Nokia 95, from 2006. Elop stepped down as Nokia's CEO on Monday to become the head of the company's devices and services business. He will continue leading Nokia's phones business as the devices chief at Microsoft.
Nokia 5700 Sport Music Edition, released in 2007.
Nokia N97, announced in 2009. By buying Nokia, Microsoft's ambition to become a hardware company is well and truly realized.
Nokia Lumia 1020, announced in 2013. The Lumia range, which now includes half a dozen handsets, is still a minnow in the smartphone world in terms of market share, but it is slowly gaining traction.
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