 "Nokia to acquire complete stake in Nokia Siemens Networks")
After weeks of speculations, Nokia confirmed that it has entered into an agreement with the German multinational company, Siemens, to buy out Nokia-Siemens Networks by purchasing the German company’s stake for 1.7 million euros. This move comes in after Siemens stated that it wanted to move out of the seven-year-old joint venture to concentrate on its energy management programme.
In a press release, Joe Kaeser, Chief Financial Officer (CFO), Siemens said, “With this transaction, we continue our efforts to strengthen our focus on Siemens’ Core areas of Energy management, Industry and Infrastructure as well as Healthcare.”
The Siemens name will be phased out from Nokia Siemens Networks’ company name
The venture, formed in 2006, works towards fulfilling the needs of providing infrastructure for setting up telecommunication facilities in different parts of the world. “The full acquisition of Nokia Siemens Networks by Nokia offers an attractive opportunity to actively shape the telecom equipment market for the future and create sustainable value,” said the CFO of Siemens.
Nokia too is optimistic about this move as Stephen Elop, President and CEO, Nokia, said, “Over the years, Nokia-Siemens Networks has established a clear leadership position in LTE, which provides an attractive growth opportunity. Nokia is pleased with these developments and looks forward to continue supporting these efforts to create more shareholder value for the Nokia group."
The management structure of the venture is expected to remain the same, as the Finnish company has assured that Rajeev Suri will continue as the Chief Executive Officer (CEO), while Jesper Ovesen will be the Executive Chairman of the Board of Directors. The company will be headquartered at Espoo, Finland and will continue to have its strong presence in Germany with a major hub in Munich.
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