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.

You may also be interested in...

Infantry Squad Vehicle

General Motors Subsidiary Hands Army First Infantry Squad Vehicle

General Motors' defense arm has handed over the U.S. Army's first Infantry Squad Vehicle for soldier and equipment transportation under a potential $214.3M firm-fixed-price contract awarded in June.

Nino DiCosmo President

L3Harris Participates in First Responder Grant Support Programs; Nino DiCosmo Quoted

L3Harris Technologies has formed partnerships with the intent of helping policemen and firefighters acquire company-built radios through public safety grant assistance programs. The company said Tuesday it works with PoliceGrantsHelp.com and FireGrantsHelp.com to help applicants determine funding availability and guide them in the application process.

ENSCO

Ensco Gets DOT Contract Option for Public Safety Tech Evaluation

Ensco has secured a contract option from the Department of Transportation to explore technology platforms that may increase awareness of safety for pedestrians and trespassers.