Nokia bought Siemens stake in Nokia Siemens Networks

Jul 1, 2013 19:13 IST

Nokia on 1 July 2013 stated that it entered into an agreement to buy Siemens AG’s entire stake in their telecom equipment joint venture Nokia Siemens Networks (NSN) for 1.7 billion euro (2.2 billion US dollars). The 50-50 joint venture was formed in 2007. The agreement lapsed in April 2013.

Following this transaction, the Siemens name will no longer appear at Nokia Siemens Networks' company name and branding.  The new name and brand will be confirmed at the closing of the transaction by Nokia and NSN.

Nokia Siemens Networks was set up on 1 April 2007. It was a joint venture between Nokia's Networks Business Group and Siemens' carrier-related operations.

Nokia is a Finnish mobile handset maker.

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Read more Current Affairs on: Nokia , Siemens , Stake

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