Nokia to Buy Out Siemens’ Share in JV

Nokia Siemens networksNokia will purchase half of Siemens AG’s shares in the companies’ joint venture under a definitive contract expected to be finalized by the third quarter of this year.

Nokia will take full ownership of Finland-based Nokia Siemens Networks and intends establish an independent unit with a new trademark to be planned towards the end of the transaction, the companies said Monday.

The transaction is valued at nearly $2.22 billion.

Rajeev Suri will remain CEO of NSN and Jesper Ovesen will serve as executive chairman of the board of directors.

The joint venture’s facility in Munich will continue operating after the transaction closes.

NSN was founded in 2007 as an integrated landline and mobile communications service provider.

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