Nokia to buy Siemens’ stake in NSN for 1.7b euros

Finnish mobile phone company Nokia said on Monday it has agreed to buy Siemens’ stake in their joint venture Nokia Siemens Networks (NSN) for 1.7 billion euros (HK$17.2 billion).

While Nokia has been struggling to compete against Apple and Samsung in smartphones, the network gear maker NSN has been posting profits in the past few quarters.

NSN turned profitable after massive cost cuts and as its focus on fourth-generation (4G) Long Term Evolution (LTE) networks has begun to pay off.

via Business feed http://www.scmp.com/business/companies/article/1273082/nokia-buy-siemens-stake-nsn-17b-euros