Nokia will buy Siemens' entire 50% stake in their joint venture, Nokia Siemens Networks, for EUR 1.7 billion. The deal is expected to close in Q3.
NSN was established in 2007 as a joint venture combining Nokia's Networks Business Group and Siemens' carrier-related operations for fixed and mobile networks.
Nokia plans to retain Rajeev Suri continuing as NSN's CEO, with Jesper Ovesen continuing as Executive Chairman of the Nokia Siemens Networks Board of Directors, which will adjust to the changing ownership structure. Nokia Siemens Networks' operational headquarters will remain in Espoo, Finland, and the company will continue to have a strong regional presence in Germany, including its major hub in Munich.
"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," stated Stephen Elop, President and CEO of Nokia.
Siemens said the divestiture enables it to focus on core areas of energy management, industry and infrastructure as well as healthcare.
http://press.nokia.com/2013/07/01/nokia-to-fully-acquire-siemens-stake-in-nokia-siemens-networks/
