Nokia completes NSN buyout

Dylan Bushell-Embling
08 Aug 2013
00:00
News
Daily News

Nokia has completed the acquisition of Siemens' 50% stake in Nokia Siemens Networks, and changed its subsidiary's name to Nokia Solutions and Networks.

The new name and brand will allow NSN to keep the acronym by which it is commonly known.

Rajeev Suri will stay on as CEO of the company, and Jesper Ovesen is continuing as executive chairman, NSN announced. But the Siemens directors have now resigned from the NSN board.

“While our name and brand have changed, I would like to emphasize that our overall strategy and our focus on mobile broadband remain the same,” Suri said in a statement.

Nokia in July revealed plans to buy Siemens' half of NSN for €1.7 billion ($2.26 billion). Siemens had been eager to exit the JV for some time before the buyout was announced.

The completion of the deal comes days after Ericsson and ST-Microelectronics finished splitting up the key assets of chipmaking JV ST-Ericsson, and commenced wind-up processes for the remainder of the company.

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