Nokia finalises Nokia Siemens buy

2013-08-07 19:17
Nokia (Picture: AFP)

Nokia (Picture: AFP)

Multimedia   ·   User Galleries   ·   News in Pictures Send us your pictures  ·  Send us your stories

Helsinki - Finnish mobile phone maker Nokia said on Wednesday it had finalised the purchase of German engineering giant Siemens' 50% 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 €1.7bn 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 €227m in the same period.

Financial news agency Bloomberg meanwhile reported on Wednesday that NSN is mulling plans to cut 8 500 jobs, representing a sixth of its workforce. Nokia was unavailable for comment.


Read more on:    nokia  |  finland  |  mobile  |  internet

SHARE:

Read News24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Add your comment
Comment 0 characters remaining

Inside News24

 
/News
 

Karl Lagerfeld spotted with custom gold Apple Watch

Fashion designer Carl Lagerfeld has just proved that fashion and tech can indeed go together!

 
 

Luxury living

WATCH: Private luxury island for sale!
The most luxurious dog house!
Must see: The world’s most expensive timepiece
Exciting new luxury SUV arrives in SA!
Horoscopes
Aquarius
Aquarius

You may have extra responsibilities you need to deal with right now and you need to create the necessary boundaries and...read more

There are new stories on the homepage. Click here to see them.
 
English
Afrikaans
isiZulu

Hello 

Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.


Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Settings

Location Settings

News24 allows you to edit the display of certain components based on a location. If you wish to personalise the page based on your preferences, please select a location for each component and click "Submit" in order for the changes to take affect.




Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.