The Finnish handset maker will pay less than $2.6 billion for the half of Nokia Siemens Networks that it doesn't already own, sources tell Bloomberg. June 30, 2013 3:13 PM PDT Nokia has agreed to purchase Siemens' stake in Nokia Siemens Networks, the companies' joint venture, according to a Bloomberg report. Nokia could announce as early as Monday to purchase Siemens' 50 percent take in the joint venture for less than $2.6 billion, sources told Bloomberg. CNET has contacted Nokia and Bloomberg for comment and will update this report when we learn more. Related stories Nokia Siemens in talks to sell off its business unit T-Mobile: iPhone network compatibility coming this year Motorola and Huawei settle legal disputes The company -- a joint venture of Finnish handset maker Nokia and Germany's Siemens formed in 2007 -- has struggled for profits in the face of the economic downturn and increasing competition. To improve profitability, the company has begun selling off noncore business units and laying off about a quarter of its workforce. So far, the joint venture has sold off a unit that provides network equipment for wired networks and exited the market for WiMax, a wireless technology that has struggled to gain as much traction among carriers as 4G LTE. Nokia Siemens Networks was reportedly in talks last September with various companies to sell of its business support systems, which helps telecommunications companies manage their billing and charging systems.
The Finnish handset maker will pay less than $2.6 billion for the half of Nokia Siemens Networks that it doesn't already own, sources tell Bloomberg.
Nokia has agreed to purchase Siemens' stake in Nokia Siemens Networks, the companies' joint venture, according to a Bloomberg report.
Nokia could announce as early as Monday to purchase Siemens' 50 percent take in the joint venture for less than $2.6 billion, sources told Bloomberg. CNET has contacted Nokia and Bloomberg for comment and will update this report when we learn more.
Related stories
- Nokia Siemens in talks to sell off its business unit
- T-Mobile: iPhone network compatibility coming this year
- Motorola and Huawei settle legal disputes
The company -- a joint venture of Finnish handset maker Nokia and Germany's Siemens formed in 2007 -- has struggled for profits in the face of the economic downturn and increasing competition. To improve profitability, the company has begun selling off noncore business units and laying off about a quarter of its workforce.
So far, the joint venture has sold off a unit that provides network equipment for wired networks and exited the market for WiMax, a wireless technology that has struggled to gain as much traction among carriers as 4G LTE.
Nokia Siemens Networks was reportedly in talks last September with various companies to sell of its business support systems, which helps telecommunications companies manage their billing and charging systems.
