With speculation running rampant last week following the announcement of today’s press conference, Yahoo! and Nokia have officially announced their plans for extensive collaborative efforts in order to push both brands to the next level.

The deal will see Nokia become the exclusive provider of maps and navigation services for Yahoo! by integrating Ovi Maps into existing Yahoo! services; in turn, Yahoo! will power Nokia’s Ovi Mail and Ovi Chat services. With cross-branding and the ability to use either an Ovi or Yahoo! account to log into services from both companies, the phone manufacturer and web services giant hope to expand their brands to include new audiences.

We’re excited to expand the reach of our best-in-class Mail and Messenger services, bringing personalized experiences to more people across the mobile web, particularly in emerging markets where we are seeding the next generation of Yahoo users. At the same time, we believe Nokia’s strength and continued investment in maps and navigation will greatly enhance our existing products, enabling us to focus on areas that are core to our business.

Yahoo! CEO Carol Bartz