Wednesday, 3 July 2013

Nokia buys out Siemens in €1.7B NSN deal

Nokia struck a €1.7 billion deal with Siemens to take full ownership of Nokia Siemens Networks (NSN), their 50/50 joint venture. Both firms expect to close the transaction before the end of September, which requires Nokia to pay Siemens €1.2 billion in cash. 

The outstanding €0.5 billion balance is to be paid in the form of a secured loan from Siemens (due one year from closing the transaction).