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Nokia Buys Siemens Stake

June 30
10:48 PM 2013

According to three people familiar with the matter, Noka Oyj agreed to buy the stakes of Siemens AG. This transpired during the companies' joint equipment venture.

Based in Espoo, Finland, Nokia may announce the deal as soon as tomorrow said sources. The deal included acquisition of Siemen's 50% stake in Nokia Siemens Network. This was according to sources who wished not be named as the talks were held in private. Nokia would pay not greater than Eur2 billion. A bridge plan loan would be used to help finance the deal added sources.

Siemens had wanted to exit the wireless gear network for several years. This was after the company announced to focus on its main divisions. The German firm manufactures power turbines to products such as high speed trains. Two people who were familiar with the discussions said that the company held talks with buyout firms for a potential transaction.

A spokesperson from Siemens refused to comment on the matter. Representative from Nokia could not immediately be reached for a statement.

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