Nokia’s shares have fallen around 45 percent since the start of the year, prompting some speculation the stock could be getting cheap enough to tempt a bidder.
The company, once the leader in smartphones, has been losing market share in both high-end devices and cheaper phones.
Google said it was paying around $12.5 billion in cash, or $40 per share, a 63 percent premium to Motorola Mobility’s closing price on Friday.
“This price should ring bells on how low Nokia shares currently are. And if you think of patents, now Nokia is the one with a really strong patent portfolio,” said Swedbank analyst Jari Honko.
“I’d expect this will boost the speculation whether Nokia would be a takeover target too.”
One Swiss-based trader said the Google deal gave Nokia shares a “huge sentiment boost.”
Both Microsoft, which is partnering with Nokia for its new phones, and Samsung Electronics, have been mentioned as possible buyers.
Nokia officials were not immediately available for comment.
