€ 1.7 billion buy back 50% stake, Nokia Siemens Networks is now fully owned subsidiary of Nokia

Jul

1

2013

€ 1.7 billion buy back 50% stake, Nokia Siemens Networks is now fully owned subsidiary of Nokia
Nokia Market News News

Anyway, being a Nokia mobile market continued to move forward at full speed action.

Earlier Bloomberg outgoing Nokia Nokia Siemens Networks To buy all contributed equity news, Nokia has officially confirmed the news letter. Which, Nokia total cost of 1.7 billion euros, buy Siemens holds 50% of Nokia Siemens Networks stock and half to complete the transaction, Nokia Nokia Siemens Networks will be formally accepted as full subsidiary.

Nokia and Siemens in 2007 established a joint venture Nokia Siemens Networks, but in recent years due to competition by the economic slowdown and the impact of the weak revenue performance, the internal situation was to improve the poor, to take cuts to sell non-core sector and the abolition of all staff of approximately 1/4 , reaching 10,000 7,000.

Continue to adjust the pace of operations in recent years, Siemens CEO Joe Kaeser at the position earlier this year to consider letting go Nokia Siemens Networks.

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Nokia President and CEO Stephen Elop said that through the draft statement, Nokia Siemens in the past has by virtue of outstanding leadership team and a clear strategy to improve the corporate structure and financial status of the company’s leadership position in LTE occupied, will become the future growth help.

Fastest deal estimated at 2013 third quarter. Of which 170 million euros which, Nokia will pay 120 million in cash, its amount and Siemens for a one-year loan operation.

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