Nokia Siemens networks in 1.2-bn deal for Motorola
By DPA, IANSMonday, July 19, 2010
HELSINKI - Joint venture Nokia Siemens Networks Monday announced plans to buy parts of US-based group Motorola Inc’s wireless network infrastructure assets for $1.2 billion.
The deal was expected to be closed by the end of this year pending approval from regulatory authorities, the companies said in a joint statement.
“This is an exciting acquisition that I believe has significant benefits for customers, employees and our shareholders,” Nokia Siemens Networks chief executive Rajeev Suri said in a comment.
Nokia Siemens Networks, luanched 2007, is jointly owned by Finnish mobile telephone maker Nokia and Germany’s Siemens.
Motorola co-cief exective Greg Brown welcomed the deal as “great news for our customers, our investors and our people”.
The agreement is expected to give Nokia Siemens Networks ties with more than 50 operators and “strengthen its position with China Mobile, Clearwire, KDDI, Sprint, Verizon Wireless and Vodafone”, the group said.
Some 7,500 employees are expected to transfer to Nokia Siemens Networks from Motorola’s wireless network infrastructure business. These include personnel at research and development sites in the US, China and India.
