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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

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