SEATTLE -- Microsoft today announced the sale of the former Nokia phone assets to FIH Mobile and HMD Global for $350 million.

As part of the deal, FIH Mobile, a subsidiary of Foxconn, will acquire Microsoft's cellphone manufacturing plant in Vietnam. The 4,500 workers in Vietnam will be given the opportunity to join FIH Mobile or HMD Global, Microsoft said.

Microsoft will transfer all of its feature phone assets, including brands, software and services, care network and other assets, customer contracts, and critical supply agreements to both the companies as a part of the deal.

Microsoft acquired the unit from Nokia in 2014 for $7 billion.

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