Nokia is still yet to get anywhere near it’s former glory in terms of huge revenues for the handset business. The turnaround might take a bit longer.
But not for the whole group as Nokia today confirmed the agreeement to buy out the 50% Siemens stake from the 5 year old Networks company Nokia Siemens Networks. NSN which is a joint venture started in April 1 2007 has been raking profits for the past several quarters, just what Nokia would need to add to their financial statements.
A EUR 1.7 billion ($2.2 billion) is expected to change hands upon this buyout by third quarter, subject to regulatory approval. This will put Nokia at a very strong position to fight rival Samsung which also deals in handsets and Networks, especially in the LTE business where NSN has shown quite strong growth.