Report: Nokia to buy out Siemens half in joint venture deal. [Update] It's official

Well, it looks similar there's some adept news coming out of Republic of finland tonight, as Bloomberg is reporting that Nokia has agreed to buy out the half of the joint-venture from Siemens. Nokia-Siemens Networks had been losing money until recently and Siemens had wanted to become away from the bargain, so it's not also much of a surprise that Nokia would option up the at present profitable division.

The auction price is reportedly "less than 2 billion euros ($2.6 billion)" and Nokia will apply a bridge loan to help finance the purchase, in a deal that some investors volition welcome while others may frown upon due to the tight purse strings already at the struggling smartphone maker.

Formed in 2006, Nokia Siemens Networks operates IPTV, WCDMA refarming, mobile Television receiver, mobile backhaul and other "behind the scenes" technologies that ability our mobile internets. The bargain will assist Nokia in the long run due to the assisting nature of the business, especially with some drastic cutbacks in recent years to help streamline their workforce. The business is also based in Espoo, Republic of finland, meaning those jobs should be safe from a third-political party purchaser.

Both Siemens and Nokia declined to annotate on the deal, just an official announcement could come up as early as tomorrow. Bloomberg has a fairly good history on these reports, noting that three people "familiar with the matter" have verified its actuality.

The news comes every bit a last minute Board of Directors coming together was chosen at Nokia HQ recently, causing all sorts of hypothetical situations. Everything from Nokia existence purchased by Microsoft to divvying up the company were floated, just in the end we defaulted with the Siemens deal as being the most likely and now that seems to be the instance.

More as it comes in.

Update: It'south official. Nokia has but sent out a press release confirming the report from Bloomberg. Nokia will acquire the entire l% of Siemen's pale in the joint venture. The price? A cool one.7 billion euros that Nokia will pay to complete the transaction. Pending regulatory approval, the deal should close sometime during the third quarter of this yr. Y'all can read the unabridged press release right hither.

Source: Bloomberg

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