Nokia to buy Siemens stake in Nokia Siemens Networks by Q3

Posted on Jul 1 2013 - 9:14am by Martin Gicheru

Nokia Siemens Networks

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.

About the Author

is the Managing Editor at Techweez, he has a passion for consumer technology and the ecosystems around it. You will find him interested mostly about mobile phones, mobile operating systems, application stores, social media and internet business. He does the mobile phone reviews on this site. He loves watching animations movies and series like Garfield. Follow him at @martingicheru on Twitter and Google+, he doesnt bite.

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