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Nokia(s nok) is buying out Siemens(s si)’s stake in their 50-50 telecoms equipment joint venture, Nokia Siemens Networks, for $1.7 billion ($2.2 billion). The move will give Nokia full control of a business that could survive even if Nokia’s mobile phone business passes on – and will also see Siemens exit a networking game in which it has played since 1847.
The markets have responded positively to the deal, with Nokia’s shares opening 9.7 percent up in Monday’s trading on the Helsinki Stock Exchange. According to a Nokia statement, the Finnish firm will pay the German company €1.2 billion in cash when the transaction closes in the third quarter – assuming that regulators clear the deal. A further €500 million will also change hands through a secured loan from Siemens, to be paid back a year later.
Nokia Siemens Networks (NSN) has been around since 2007. The joint venture…
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