Siemens, the industrial conglomerate from Germany, is now accepting offers from private equity firms to purchase its shareholdings in its joint venture telecoms equipment firm. According to three anonymous sources, the discussions over the future of Nokia Siemens Networks are ongoing.

In its effort to revive efforts to sell off its shareholdings, both Nokia and Siemens have reached out to private equity firms such as TPG Capial, KKR and Blackstone. The two companies have been seeking the sell off its shareholdings either through a public offer or a buyout.

All the parties mentioned have declined to provide comments on the planned transaction.

In the recent quarters, Nokia Siemens Network has improved its bottom line. This was achieved through a restructurig drive that had reduced its workforce from 74,000 to just 20,500. 

Even if the shares have been previously offered to the market, the differences in valuations and pricing had caused many potential buyers and investors to decline the previous offers made.