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Monday, July 1, 2013

Nokia to acquire full control of Nokia Siemens Networks

Nokia Corporation and Siemens AG have agreed that Nokia will buy Siemens’ 50% stake of the Nokia Siemens Networks joint venture for €1.7 billion (£1.5 billion).

The deal is expected to be completed during the third quarter of this year, subject to regulatory approval. Nokia Siemens Networks will then drop the ‘Siemens’ part of its name and become a wholly-owned subsidiary of Nokia, retaining current CEO Rajeev Suri and executive chairman Jesper Ovesen.

Nokia Siemens Networks provides telecommunications infrastructure equipment, having been formed in 2007 by combining Nokia’s Networks Business Group with Siemens’ carrier-related operations for fixed and mobile networks.

Stephen Elop, President and CEO of Nokia, said “With its clear strategic focus and strong leadership team, Nokia Siemens Networks has structurally improved its operational and financial performance. Furthermore, Nokia Siemens Networks has established a clear leadership position in LTE, which provides an attractive growth opportunity. Nokia is pleased with these developments and looks forward to continue supporting these efforts to create more shareholder value for the Nokia group.”

Author: The Fonecast
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