Nokia has stumped up a massive €1.7 billion to buy out Siemens from the companies’ joint Nokia Siemens Networks venture. The deal was rubber-stamped this morning, with Espoo now in full control.
The acquisition will apparently help “shape the telecom equipment market for the future,” according to Siemens boss Joe Kaeser.
Interestingly, Nokia top bod Stephen Elop points to Nokia Siemens’ 4G credentials as a reason to get excited by this new deal.
“Nokia Siemens Networks has established a clear leadership position in LTE, which provides an attractive growth opportunity,” he said in an official statement.
That will hopefully mean even better 4G devices and tech from Espoo. The company continues to pump out decent handsets but remains light years behind its key rivals in terms of smartphone sales.
The deal is expected to be finalised in the third quarter of this year, with a new name for the Nokia subsidiary to be revealed in due course.
Was this article helpful?