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Friday, August 9, 2013

Nokia completes its acquisition of the Nokia Siemens Networks business

Nokia has completed its acquisition of Siemens’ stake in Nokia Siemens Networks. The £1.5 billion deal, which was agreed last month, means that the former 50/50 joint venture is now wholly owned by Nokia.

Although the Siemens name is being dropped, the company will still be known as ‘NSN’ because the new brand is Nokia Solutions and Networks.

Rajeev Suri remains as CEO of NSN and Jesper Ovesen will still be Executive Chairman of the NSN Board of Directors. The Siemens-appointed directors have resigned.

Mr Suri said “While our name and brand have changed, I would like to emphasize that our overall strategy and our focus on mobile broadband remain the same. Our customers will not notice any difference in our unstinting commitment to delivering superior technology and services across the world. Today’s announcement is, however, an exciting new chapter in our transformation story.”

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Author: The Fonecast
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