Missed those Nokia phones? You are in luck!

Nokia phones are back.

Nokia on Wednesday announced that the brand will return to the mobile phone and tablet markets on a global level. "Under a strategic agreement covering branding rights and intellectual property licensing, Nokia Technologies will grant HMD global Oy (HMD), a newly founded company based in Finland, an exclusive global license to create Nokia-branded mobile phones and tablets for the next 10 years," the company said in a statement.

HMD announced on Wednesday that it has acquired the rights to use the Nokia brand on feature phones, and certain related design rights from Microsoft.

Under the agreement, Nokia Technologies will receive royalty payments from HMD for sales of Nokia-branded mobile products, covering both brand and intellectual property rights.

Together these agreements would make HMD the sole global licensee for all types of Nokia-branded mobile phones and tablets.

HMD intends to invest over $500 million over the next three years to support the global marketing of Nokia-branded mobile phones and tablets, funded via its investors and profits from the acquired feature phone business, Nokia said in its statement. 

It also announced that FIH Mobile Limited (FIH), a subsidiary of Hon Hai Precision Industries (trading as Foxconn Technology Group), will acquire the remainder of Microsoft's feature phone business assets, including manufacturing, sales and distribution.

HMD and Nokia Technologies have signed an agreement with FIH to establish a collaboration framework to support the building of a global business for Nokia-branded mobile phones and tablets.

This agreement will give HMD full operational control of sales, marketing and distribution of Nokia-branded mobile phones and tablets. It also gives HMD exclusive access to the pre-eminent global sales and distribution network to be acquired from Microsoft by FIH.

Nokia will provide HMD with branding rights and cellular standard essential patent licenses in return for royalty payments, but will not be making a financial investment or holding equity in HMD. ​

Always wanted to own a Nokia? You wait is now short-lived!