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Tuesday, 29 November, 2022
Home BUSINESSNokia acquires total stake of Nokia-Siemens Networks
Thu, 08 Aug, 2013 04:09:08 AM
FTimes-STT Report, August 8
Source Nokia press release
Nokia has completed the acquisition of Siemens' stake in Nokia Siemens Networks, said a Nokia press release on Wednesday, adding that the transaction was originally announced on July 1 this year.
In accordance with the transaction, the Siemens name is being phased out from Nokia Siemens Networks' company name and branding.
The new name and brand is Nokia Solutions and Networks, also referred to as NSN, which will also be used for financial reporting.
Nokia Solutions and Networks is wholly owned by Nokia and will continue to be consolidated by Nokia.
Rajeev Suri continues as CEO and Jesper Ovesen continues as Executive Chairman of the NSN Board of Directors.
The NSN Board of Directors has been adjusted to the new ownership structure as the Siemens-appointed directors have resigned, the press release added.
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