Tuesday, July 26, 2016
Search
  
Submit your own News for
inclusion in our Site.
Click here...
Breaking News
Seagate Releases First 2TB M.2 Enterprise SSD
Western Digital Announces First 64 Layer 3D NAND Technology
BlackBerry Unveils The DTEK50 Android Smartphone
Updated Google Maps Highlight Areas of Interest
Crucial Expands The MX300 SSD Line
Amazon To Start Testing Drone Deliveries In The UK Skies
Ritek To Start Bio-testing Optical Discs
Kingston UV400 SSD Released
Active Discussions
Which of these DVD media are the best, most durable?
How to back up a PS2 DL game
Copy a protected DVD?
roxio issues with xp pro
Help make DVDInfoPro better with dvdinfomantis!!!
menu making
Optiarc AD-7260S review
cdrw trouble
 Home > News > Mobiles > Nokia t...
Last 7 Days News : SU MO TU WE TH FR SA All News

Monday, July 01, 2013
Nokia to Fully Acquire Siemens' Stake in Nokia Siemens Networks


Nokia will pay $2.2 billion to buy partner Siemens AG in their network equipment joint venture, a deal that could help the company offset its weakness in its smartphone business.

Nokia and Siemens AG have entered into a definitive agreement pursuant to which Nokia acquires Siemens' entire 50% stake in their joint venture, Nokia Siemens Networks. The acquisition is subject to the customary regulatory approval process.

The purchase price for Siemens' stake is EUR 1.7 billion and the transaction is expected to close during the third calendar quarter of 2013. Upon closing of the planned acquisition, Nokia Siemens Networks will become a wholly owned subsidiary of Nokia.

Stephen Elop, President and CEO of Nokia, commented: "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."

Joe Kaeser, Siemens CFO, commented: "With this transaction, we continue our efforts to strengthen our focus on Siemens' Core areas of Energy management, Industry and Infrastructure as well as Healthcare. The full acquisition of Nokia Siemens Networks by Nokia offers an attractive opportunity to actively shape the telecom equipment market for the future and create sustainable value."

Nokia Siemens Networks was established on April 1, 2007, as a joint venture combining Nokia's Networks Business Group and Siemens' carrier-related operations for fixed and mobile networks. Nokia Siemens Networks has since become a global provider of telecommunications infrastructure. The company's focus is in offering mobile broadband technology and services.

Nokia plans to retain the existing management and governance structure at Nokia Siemens Networks, with Rajeev Suri continuing as CEO and 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.

In accordance with this transaction, the Siemens name will be phased out from Nokia Siemens Networks' company name and branding. Nokia and Nokia Siemens Networks plan to confirm the new name and brand at the closing of the transaction.

The purchase price totals EUR 1.7 billion, of which EUR 1.2 billion will be paid in cash at the closing of the transaction.


Previous
Next
Apple Applies For "iWatch" Patent In Japan        All News        NSA Was Spying on European Union Offices: report
HP To Re-enter The Smartphone Market     Mobiles News      $20 Nokia 105 Cellphone Proves Profitable for Nokia

Get RSS feed Easy Print E-Mail this Message

Related News
Nokia Buys Withings To Connect People to Better Health
MWC: Ericsson, Nokia Offer 5G Timelines
Ericsson And Nokia Extend 3G's Capabilities Toward 5G Era
Nokia Settles Patent Dispute With Samsung
Nokia's Virtual Reality Camera 'Ozo' Priced at $60,000
New Nokia 230 and Nokia 230 Dual SIM Phones Coming Next Month
Nokia Agrees on 'Shanghai Bell' Joint Venture with China Huaxin
Entry-level Nokia 222 Phone Lets You Surf Online, Capture Photos
AUDI AG, BMW Group and Daimler AG To Buy Nokia's HERE Digital Mapping Business
Nokia Releases The OZO Virtual Reality Camera for Professionals
European Regulators Approve Nokia's Acquisition of Alcatel-Lucent
Nokia Said To Release VR Device

Most Popular News
 
Home | News | All News | Reviews | Articles | Guides | Download | Expert Area | Forum | Site Info
Site best viewed at 1024x768+ - CDRINFO.COM 1998-2016 - All rights reserved -
Privacy policy - Contact Us .