TweakTown
Tech content trusted by users in North America and around the world
5,993 Reviews & Articles | 38,705 News Posts
TRENDING NOW: Seagate ships the world's first 8TB HDD, breaking size barriers

Nokia purchases Siemens' share of joint venture in Nokia Siemens Networks for $2.2 billion

Nokia now fully owns Nokia Siemens Networks after buying out Siemens' share for $2.2 billion

| Business, Financial & Legal News | Posted: Jul 1, 2013 8:21 am

Bloomberg are reporting that Nokia have just confirmed they're taken full control over the joint-venture they had in Nokia Siemens Network, buying out their partner Siemens for $2.2 billion.

 

TweakTown image news/3/1/31477_05_rumortt_nokia_to_purchase_siemens_share_of_joint_venture_in_nokia_siemens_networks.jpg

 

Nokia Siemens Networks was unprofitable, with both Nokia and Siemens attempting, but failing to sell it to private investors last year. They cut 17,000 jobs (nearly 1/4 of their entire staff) and have seen earnings jump slightly. Nokia Siemens Networks posted a profit of $1.2 billion during Q1 2013, which was a nice 117% increase year-over-year.

NEWS SOURCES:Engadget.com

Related Tags

Further Reading: Read and find more Business, Financial & Legal news at our Business, Financial & Legal news index page.

Do you get our news RSS feed? Get It!

Post a Comment about this news

Latest Tech News Posts

View More News Posts
Check out TweakTown Polls on LockerDome on LockerDome

Forum Activity

View More Forum Posts

Press Releases

View More Press Releases