Siemens sells its 50% stake to Nokia

Berlin, July 1 – Finnish telecommunications company Nokia on Monday said it had agreed to buy German engineering giant Siemens' 50 percent stake in their mobile broadband joint venture NSN for 1.7 billion euros ($2.2 billion).

 

Once the deal was concluded in the third quarter of 2013, "Nokia Siemens. Networks will become a wholly owned subsidiary of Nokia", both companies said in a statement.

  

Siemens' decision to sell its stake comes as part of a strategic repositioning in the market: it announced in June it would shut down its loss-making solar energy unit after failing to find a buyer.

 

The NSN joint venture, which specialises in high-speed mobile broadband, was set up in 2007 and the partnership agreement expired in April.

 

The NSN deal will allow Nokia, which has been subject to speculation it could be up for sale, to take full control of its most profitable business.

 

AFP