Finnish mobile group Nokia has announced it will acquire Siemens’ 50% stake in Nokia Siemens Networks for about $US2.2 billion.
“With its clear strategic focus and strong leadership team, Nokia Siemens Networks has structurally improved its operational and financial performance,” Stephen Elop, president and CEO of Nokia, said in a statement.
“Furthermore, 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,” he said.
The company was a joint venture started by Nokia and Siemens in 2007 and has grown to provide telecommunications support to more than 150 countries.
Patrick Stafford is a freelance journalist and a former deputy editor of SmartCompany.
