Nokia finalises Nokia Siemens buy, changes name

Aug 07, 2013
Finnish mobile phone maker Nokia said Wednesday it had finalised the purchase of German engineering giant Siemens' 50 percent stake in Nokia Siemens Networks, and changed the company's name. The fully-owned Nokia subsidiary will now be known as Nokia Solutions and Networks, retaining the same acronym NSN.

Finnish mobile phone maker Nokia said Wednesday it had finalised the purchase of German engineering giant Siemens' 50 percent stake in Nokia Siemens Networks, and changed the company's name.

The fully-owned Nokia subsidiary will now be known as Nokia Solutions and Networks, retaining the same acronym NSN.

Announcing the 1.7-billion-euro ($2.2-billion) acquisition in July, Nokia said it hoped to create value for shareholders and said it planned to strengthen NSN to become a more independent unit.

NSN, which is specialised in high-speed mobile broadband, was set up as a joint venture in 2007, a partnership that expired in April. The unit has posted stronger earnings than Nokia's , which has struggled to compete against rivals Apple and Samsung.

NSN posted a net profit of 8.0 million euros in the second quarter, compared to Nokia's net loss of 227 million euros in the same period.

Financial news agency Bloomberg meanwhile reported on Wednesday that NSN is mulling plans to cut 8,500 jobs, representing a sixth of its workforce. Nokia was unavailable for comment.

Explore further: S&P further downgrades Nokia after NSN purchase

add to favorites email to friend print save as pdf

Related Stories

S&P further downgrades Nokia after NSN purchase

Jul 05, 2013

Ratings agency Standard and Poor's on Friday downgraded Nokia Corp.'s credit rating, citing the deal this week to buy out Siemens from its Nokia Siemens Networks joint venture for 1.7 billion euros ($2.21 billion).

Rumours intensify of a bid for Nokia

Jun 20, 2013

Rumours that struggling Finnish mobile phone maker Nokia may be up for sale have intensified this week, with analysts seeing three potential buyers who could be even more interested if the company undergoes ...

Nokia Siemens axes services unit, 1,000 jobs at risk

Dec 05, 2012

Nokia Siemens Networks, a joint venture between Finnish and German engineering giants Nokia and Siemens, said Wednesday it is shutting down one of its German units with the potential loss of 1,000 jobs.

Nokia Q2 sales fall by 24 pct, misses expectations

Jul 18, 2013

(AP)—The sales decline at struggling cellphone maker Nokia Corp. continues with revenues dropping almost a quarter between April and June compared with the same time last year, the company announced Thursday.

Nokia buys network operations from Siemens (Update)

Jul 01, 2013

Nokia is turning to the stronger-performing parts of its business to help bolster its struggling smartphone arm, as it offered Siemens 1.7 billion euros ($2.22 billion) for its half of the networks joint venture.

Nokia Siemens delays Motorola purchase

Mar 09, 2011

Finnish-German giant Nokia Siemens Networks (NSN) said Wednesday its purchase of Motorola's wireless network infrastructure assets would be delayed again, with no timeline specified for completion of the deal.

Recommended for you

Ex-Apple chief plans mobile phone for India

1 hour ago

Former Apple chief executive John Sculley, whose marketing skills helped bring the personal computer to desktops worldwide, says he plans to launch a mobile phone in India to exploit its still largely untapped ...

Airbnb rental site raises $450 mn

15 hours ago

Online lodging listings website Airbnb inked a $450 million funding deal with investors led by TPG, a source close to the matter said Friday.

US venture investments highest since 2001 (Update)

Apr 18, 2014

Funding for U.S. startup companies soared 57 percent in the first quarter to a level not seen since 2001, as venture capitalists piled more money into a growing number of deals, according to a report due out Friday.

User comments : 0

More news stories

Ex-Apple chief plans mobile phone for India

Former Apple chief executive John Sculley, whose marketing skills helped bring the personal computer to desktops worldwide, says he plans to launch a mobile phone in India to exploit its still largely untapped ...

Airbnb rental site raises $450 mn

Online lodging listings website Airbnb inked a $450 million funding deal with investors led by TPG, a source close to the matter said Friday.

Health care site flagged in Heartbleed review

People with accounts on the enrollment website for President Barack Obama's signature health care law are being told to change their passwords following an administration-wide review of the government's vulnerability to the ...

A homemade solar lamp for developing countries

(Phys.org) —The solar lamp developed by the start-up LEDsafari is a more effective, safer, and less expensive form of illumination than the traditional oil lamp currently used by more than one billion people ...

NASA's space station Robonaut finally getting legs

Robonaut, the first out-of-this-world humanoid, is finally getting its space legs. For three years, Robonaut has had to manage from the waist up. This new pair of legs means the experimental robot—now stuck ...

Filipino tests negative for Middle East virus

A Filipino nurse who tested positive for the Middle East virus has been found free of infection in a subsequent examination after he returned home, Philippine health officials said Saturday.

Egypt archaeologists find ancient writer's tomb

Egypt's minister of antiquities says a team of Spanish archaeologists has discovered two tombs in the southern part of the country, one of them belonging to a writer and containing a trove of artifacts including reed pens ...