Nokia Buys Siemens' NSN Stake for EUR1.7B

[rkdrkd]

Finnish handset maker Nokia Corp. (NOK) will pay EUR1.7 billion ($2.2 billion) for Siemens AG's (SI) 50% stake in the two companies' telecommunications-equipment joint venture, they said Monday, confirming earlier reports of the deal. Nokia will pay EUR1.2 billion in cash when the deal closes in the third calendar quarter, while the balance of EUR0.5 billion will be paid in the form of a secured loan from Siemens due one year from closing.
Nokia Siemens Networks will become a wholly-owned subsidiary of Nokia. Nokia said it wishes to see NSN develop itself as a more independent entity.
NSN's head office will remain in Espoo, Finland, and Nokia will keep in place NSN's existing management, including Chief Executive Rajeev Suri, but Siemens' name will be phased out of the company's name and branding.
Nokia Siemens Networks was established in 2007, combining Nokia's and Siemens's network businesses. Certain restrictions in a shareholder pact for NSN expired in April, freeing each partner to explore other options for its stake without the risk of a veto from the other party.



http://online.wsj.com/article/BT-CO-...01-700070.html

[D33T0X]

Sadly Siemens finally exits... it used to be a great company, I loved working for them... seeing them go doesn't feel right.

Finnish handset maker Nokia Corp. (NOK) will pay EUR1.7 billion ($2.2 billion) for Siemens AG's (SI) 50% stake in the two companies' telecommunications-equipment joint venture, they said Monday, confirming earlier reports of the deal. Nokia will pay EUR1.2 billion in cash when the deal closes in the third calendar quarter, while the balance of EUR0.5 billion will be paid in the form of a secured loan from Siemens due one year from closing.
Nokia Siemens Networks will become a wholly-owned subsidiary of Nokia. Nokia said it wishes to see NSN develop itself as a more independent entity.
NSN's head office will remain in Espoo, Finland, and Nokia will keep in place NSN's existing management, including Chief Executive Rajeev Suri, but Siemens' name will be phased out of the company's name and branding.
Nokia Siemens Networks was established in 2007, combining Nokia's and Siemens's network businesses. Certain restrictions in a shareholder pact for NSN expired in April, freeing each partner to explore other options for its stake without the risk of a veto from the other party.



http://online.wsj.com/article/BT-CO-...01-700070.html