Nokia pays €1.7 billion for the Siemens 50% share in Nokia Siemens Networks, giving the Finnish mobile maker full access to the cashflow of the currently profitable telecom equipment joint venture.
"With its clear strategic focus and strong leadership team, Nokia Siemens Networks has structurally improved its operational and financial performance." Nokia CEO Stephen Elop says. "Furthermore, Nokia Siemens Networks has established a clear leadership position in LTE, which provides an attractive growth opportunity."
Following acquisition (to be finalised by Q3 2013) Nokia Siemens Network will retain exisiting management and governance, with Rajeev Suri as CEO and Jesper Ovesen as Executive Chairman. It employs around 56700 people and counts Deutsche Telekom and Vodafone as customers.