Andre Yoskowitz
1 Jul 2013 15:00
Nokia has bought out Siemens stake in their joint NSN (Nokia Siemens Networks) venture.
The price, 1.7 billion euros, is less than industry analysts had expected so it appears Nokia may have gotten a good deal.
Nokia will pay 1.2 billion euros for the 50 percent stake and took out a 500 million euro loan from Siements due in a year to pay for the rest.
The joint venture just became profitable last year, and had been valued at just about 5 billion euro.
Nokia Siemens's headquarters will remain in Espoo, Finland, and CEO Rajeev Suri will keep his current position.