Nokia stumps up $1.1bn to buy Siemens stake
Monday 01 July 2013
Nokia looks to be repositioning itself as a 4G network operator after buying out partner Siemens AG in a network equipment joint venture.
The Finnish phone-maker is paying $1.1 billion (£720 million) for full control of the profitable Nokia Siemens Networks (NSN), which operates fourth-generation Long Term Evolution networks used by smartphones such as Nokia’s new Lumia 925.
Nokia made a loss of $196 million in the first quarter of the year while NSN posted a $1.2 billion profit in the first three months of the year.
Nokia’s chief executive Stephen Elop said: “Nokia Siemens Networks has established a clear leadership position in LTE, which provides an attractive growth opportunity.”
NSN will operate as an independent wholly-owned subsidiary of Nokia.
- 1 Man on naked bike ride gets ejected after becoming aroused
- 3 Ann Summers survey reveals the UK's favourite sex position
- 4 Jaden Smith wears gender fluid dress to high school prom with Hunger Games actress
- 5 How much sex should I be having?
Ed Miliband returns to the backbenches but it's all a bit awkward as he tries to avoid eye-contact with fellow Labour MPs
Man on naked bike ride gets ejected after becoming aroused
Charles Kennedy 1959-2015: A gifted, compassionate politician whose career was cut short by the 'demon drink' - latest news
Ayyan Ali: Pakistan's top model now appears in the courtroom rather than on the catwalk
Isis tortures 14-year-old Syrian boy and films it in graphic video for 'propaganda purposes'
Migrants in Kos: Photos show real tragedy after Brits abroad complain of 'awkward' holidays
Thousands of teenage girls enduring debilitating illnesses after routine school cancer vaccination
British tourists complain that impoverished boat migrants are making holidays 'awkward' in Kos
Michael Gove determined to scrap the Human Rights Act – even if Scotland retains it
Threat to scrap Human Rights Act could see UK follow Nazi example, warns UN official
Why this year's general election was the most unfair in Britain's history
iJobs Money & Business
£30000 - £35000 per annum: Recruitment Genius: The UK's fastest growing, multi...
£70000 - £90000 per annum: Recruitment Genius: A Financial Reporting Manager i...
£23000 - £25000 per annum: Recruitment Genius: They win lots of awards for the...
£13500 - £20000 per annum: Recruitment Genius: This nationwide enforcement com...