Nokia buys remaining stake in Nokia Siemens Network




Nokia buys remaining stake in Nokia Siemens Network

Nokia has announced that it will buy the remaining shares of Siemens, which still belong to the joint venture Nokia Siemens Networks. Siemens previously held a 50 percent stake, they are now fully acquired by Nokia. The acquisition was approved by the Board of Directors of Nokia and the Management Board and Supervisory Board of Siemens and is now subject to customary regulatory approval process. Nokia pays for acquisition of the shares, the sum of 1.7 billion euros, it is believed that the deal is completed by the end of the third quarter 2013. Nokia Siemens Networks was previously a joint venture of Finnish group Nokia and German Siemens AG, which had existed since 2007.

Nokia logo

The company sells, among other hardware and software components for voice, data and mobile networks, and corresponding installation, maintenance and consulting services. Nokia Siemens came under criticism in 2012, over 2900 of the 9100 jobs were lost in Germany in Germany. The purchase price for the 50-percent share of NSN is around 1.7 billion euros, of which Siemens will, upon closing of the transaction 1.2 billion euros in cash, Nokia has ensured their financing from banks. For the remaining 500 million euros Siemens grants from the transaction Nokia a one-year loan.



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