Welcome to the MacNN Forums.

If this is your first visit, be sure to check out the FAQ by clicking the link above. You may have to register before you can post: click the register link above to proceed. To start viewing messages, select the forum that you want to visit from the selection below.

You are here: MacNN Forums > News > Tech News > Nokia buys out Siemens from Nokia Siemens Networks for $2.2B

Nokia buys out Siemens from Nokia Siemens Networks for $2.2B
Thread Tools
MacNN Staff
Join Date: Jul 2012
Status: Offline
Reply With Quote
Jul 1, 2013, 08:35 AM
 
Nokia has agreed to purchase the entire 50-percent stake owned by Siemens in the Nokia Siemens Networks joint venture. The deal, reportedly worth 1.7 billion euro ($2.2 billion), sees Nokia take complete control of the company, which works on network infrastructure and the deployment of LTE-based mobile phone networks.

Claimed by sources of Bloomberg just hours before Nokia confirmed the purchase itself, the agreement has been approved by the boards of both Nokia and Siemens, but still faces regulatory approval. The purchase is expected to be completed by the third quarter, with the company becoming a wholly owned subsidiary of Nokia at that time.

Joe Kaeser, chief financial officer at Siemens, claimed the deal "offers an attractive opportunity to actively shape the telecommunications equipment market for the future and create sustainable value." Nokia CEO Stephen Elop echoed the comment, lauding the joint venture's "clear leadership position in LTE, which provides an attractive growth opportunity."

Despite signs of possible future growth, the company has had its issues since its creation in 2007. In 2011, the company started to cut its workforce by 17,000 employees, representing approximately 23 percent of company staff. After a failed attempt by Nokia to sell the company, also in 2011, Nokia Siemens Networks was forced to raise $1.6 billion from US and European banks in order to finance its restructuring.
     
   
Thread Tools
Forum Links
Forum Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts
BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On
Top
Privacy Policy
All times are GMT -4. The time now is 04:32 PM.
All contents of these forums © 1995-2015 MacNN. All rights reserved.
Branding + Design: www.gesamtbild.com
vBulletin v.3.8.8 © 2000-2015, Jelsoft Enterprises Ltd., Content Relevant URLs by vBSEO 3.3.2