Nokia wraps up Siemens acquistion
HELSINKI - Agence France-PresseFinnish mobile phone maker Nokia said it had finalised the purchase of German engineering giant Siemens’ 50 percent stake in Nokia Siemens Networks, and changed the company’s name.
The fully-owned Nokia subsidiary will now be known as Nokia Solutions and Networks, retaining the same acronym NSN.
Announcing the 1.7-billion-euro ($2.2-billion) acquisition in July, Nokia said it hoped to create value for shareholders and said it planned to strengthen NSN to become a more independent unit.
NSN, which is specialised in high-speed mobile broadband, was set up as a joint venture in 2007, a partnership that expired in April. The unit has posted stronger earnings than Nokia’s mobile phone business, which has struggled to compete against rivals Apple and Samsung.
NSN posted a net profit of 8.0 million euros in the second quarter, compared to Nokia’s net loss of 227 million euros in the same period.