Nokia to fully acquire Siemens stake in Nokia Siemens Networks
01/07/2013
Stock Exchange Release
July 1, 2013 at 07.00 (CET +1)
Espoo, Finland and Munich, Germany - Nokia Corporation and Siemens AG today announced that they have entered into a definitive agreement pursuant to which Nokia acquires Siemens entire 50% stake in their joint venture, Nokia Siemens Networks. The acquisition has been approved by the Board of Directors of Nokia as well as the Managing and Supervisory Boards of Siemens, and is subject to the customary regulatory approval process.
The purchase price for Siemens stake is EUR 1.7 billion and the transaction is expected to close during the third calendar quarter of 2013. Upon closing of the planned acquisition, Nokia Siemens Networks will become a wholly owned subsidiary of Nokia.
Stephen Elop, President and CEO of Nokia, commented: With its clear strategic focus and strong leadership team, Nokia Siemens Networks has structurally improved its operational and financial performance. Furthermore, Nokia Siemens Networks has established a clear leadership position in LTE, which provides an attractive growth opportunity. Nokia is pleased with these developments and looks forward to continue supporting these efforts to create more shareholder value for the Nokia group.
Joe Kaeser, Siemens CFO, commented: With this transaction, we continue our efforts to strengthen our focus on Siemens Core areas of Energy management, Industry and Infrastructure as well as Healthcare. The full acquisition of Nokia Siemens Networks by Nokia offers an attractive opportunity to actively shape the telecom equipment market for the future and create sustainable value.
Nokia Siemens Networks was established on April 1, 2007, as a joint venture combining Nokias Networks Business Group and Siemens carrier-related operations for fixed and mobile networks. Nokia Siemens Networks has since become a leading global provider of telecommunications infrastructure, deploying networks that help people stay connected in more than 150 countries around the world. The companys focus is in offering innovative mobile broadband technology and services.
Nokia will continue to consolidate Nokia Siemens Networks for financial reporting purposes as well as continue to strengthen the company as a more independent entity.
Accordingly, Nokia plans to retain the existing management and governance structure at Nokia Siemens Networks, with Rajeev Suri continuing as CEO and Jesper Ovesen continuing as Executive Chairman of the Nokia Siemens Networks Board of Directors, which will adjust to the changing ownership structure.
Nokia Siemens Networks operational headquarters will remain in Espoo, Finland, and the company will continue to have a strong regional presence in Germany, including its major hub in Munich. Nokia supports the current management plan, including the already in-progress Nokia Siemens Networks restructuring plan that remains unchanged as a result of this announcement.
In accordance with this transaction, the Siemens name will be phased out from Nokia Siemens Networks company name and branding. Nokia and Nokia Siemens Networks plan to confirm the new name and brand at the closing of the transaction.
The purchase price totals EUR 1.7 billion, of which EUR 1.2 billion will be paid in cash at the closing of the transaction. The balance of EUR 0.5 billion will be paid in the form of a secured loan from Siemens due one year from closing. Nokia has obtained committed bank financing for the EUR 1.2 billion cash portion.
At the end of the first quarter 2013, Nokia had gross cash of EUR 10.1 billion and net cash of EUR 4.5 billion. Nokia currently estimates that at the end of the second quarter 2013, Nokia had gross cash of between EUR 9.2 billion - EUR 9.7 billion and net cash of between EUR 3.7 billion - EUR 4.2 billion. For comparison purposes, if the transaction to purchase Siemens 50% stake had been closed during the second quarter 2013, Nokia currently estimates that it would have ended the second quarter of 2013 with gross cash of between EUR 9.2 billion - EUR 9.7 billion and net cash of between EUR 2.0 billion - EUR 2.5 billion, reflecting the deduction of the purchase price of EUR 1.7 billion from Nokia net cash.
Contact for journalists:
Nokia, Communications
Phone: +358 7180 34900
E-mail: press.services@nokia.com
Siemens AG, Media Relations
Wolfram Trost, phone: +49 89 636-34794
E-mail: wolfram.trost@siemens.com
About Nokia
Nokia is a global leader in mobile communications whose products have become an integral part of the lives of people around the world. Every day, more than 1.3 billion people use their Nokia to capture and share experiences, access information, find their way or simply to speak to one another. Nokias technological and design innovations have made its brand one of the most recognized in the world. For more information, visit www.nokia.com/about-nokia.
About Siemens AG
Siemens AG (Berlin and Munich) is a global powerhouse in electronics and electrical engineering, operating in the fields of industry, energy and healthcare as well as providing infrastructure solutions, primarily for cities and metropolitan areas. For over 165 years, Siemens has stood for technological excellence, innovation, quality, reliability and internationality. The company is the worlds largest provider of environmental technologies. Around 40 percent of its total revenue stems from green products and solutions. In fiscal 2012, which ended on September 30, 2012, revenue from continuing operations totaled 78.5 billion and income from continuing operations 4.7 billion (incl. IAS 19R and reclassification of the solar business into continuing operations). At the end of September 2012, Siemens had around 370,000 employees worldwide on the basis of continuing operations. Further information is available on the Internet at: www.siemens.com.
FORWARD-LOOKING STA
LINK: | http://press.nokia.com/2013/07/01/nokia-to-fully-acquire-siemens-stake... |
See more stories from nokia |
Most recent headlines
04/08/2024
Dalet Appoints Santiago Solanas as CEO to Lead Next Era of Growth and Innovation
Dalet, a leading technology and service provider for media-rich organizations, is excited to announce Santiago Solanas as its new Chief Executive Officer (CEO)....
03/06/2024
Dalet and Veritone Reach Agreement to Distribute, Transact and Monetize Media Archives
Dalet, a leading technology and service provider for media-rich organizations, a...
28/04/2024
Mediahaus delivers the first SRT live-streaming sports production over 5G with URSA Broadcast G2
Mediahaus delivers the first SRT live-streaming sports production over 5G with U...
26/04/2024
The Story Collective opens largest film and TV studio in the heart of London
The Story Collective has gradually repurposed the former Mortlake Brewery to include production offices, workshops and sound stages By Matthew Corrigan Publi...
26/04/2024
Richard Perkett joins Amagi as chief product officer
Perkett joins the company following a 25 year career in product management, product marketing, engineering and user experience (UX) across multiple industries ...
26/04/2024
Teradek Announces Smaller More Robust Built-in Antennas f...
Teradek, the industry leader in wireless video transmitters and receivers, announced today the launch of new Bolt 6 LT 750 and Bolt 6 Monitor Module 750 RX with...
26/04/2024
Amagi Names Richard Perkett Chief Product Officer
NEW YORK Amagi has appointed Richard Perkett chief product officer (CPO)....
26/04/2024
NAB Board Election Results Announced
WASHINGTON, D.C. The National Association of Broadcasters (NAB) has announced the results of the 2024 NAB Radio and Television Board of Directors elections. The...
26/04/2024
Mattel to Launch First FAST Channels on Samsung TV Plus
EL SEGUNDO, Calif. & NEW YORK Mattel has announced a deal to launch its first three 24/7 free ad supported streaming (FAST) channels on Samsung TV Plus, Samsung...
26/04/2024
NextGen TV Launches In Portland, Maine
PORTLAND, Maine Viewers here can now receive the NextGen TV signals of five local stations with the launch of ATSC 3.0 service from host station WPFO, which is ...
26/04/2024
Rogers Inks Agreement to Deploy Comcast's Products and Technologies
TORONTO Rogers Communications has signed a 10-year agreement with Comcast to bring the latest Xfinity products and technology to Canadians....
26/04/2024
Calrec scoops third Argo win with NAB Show Product of the...
Calrec is very pleased to announce the benefits of its highly flexible approach to customer service has been recognized with a third award for the Argo range. T...
26/04/2024
New Adobe Photoshop with Advanced Generative Fill and Generate Image Brings New Superpowers to All
New Adobe Photoshop with Advanced Generative Fill and Generate Image Brings New ...
26/04/2024
Trends And Takeaways From NAB Show 2024
Trends And Takeaways From NAB Show 2024 Melanie Ciotti April 25, 2024 0 Comments NAB's Eric Trabb (right) awards SNS with two NAB Show Product of ...
26/04/2024
Sony's Ci Media Cloud Keeps NHRA Moving
Sony's Ci Media Cloud Keeps NHRA Moving Brie Clayton April 25, 2024 0 Comments Cloud-Based Media Asset Management and Collaboration Platform Accel...
26/04/2024
2024 Emerging Leaders Internship Program Open for Applications, Deadline May 31st
Capitol Broadcasting & Leadership Triangle Collaborate for Third Year Capitol B...
26/04/2024
MIX 101.5 Launches New YouTube Shows
The staff at CBC Radio have been hard at work creating several new features for listeners and viewers. Several debuts are taking place this spring. I have nev...
25/04/2024
Inside the Archives: Highlighting the Importance of Preservation for the Festival's 40th Edition
Sundance Institute Founder Robert Redford during a press conference at the 1996 ...
25/04/2024
SNS Dealer Of The Year Awards: See The Full List Of Winners
alt= class=wp-image-12361 data-lazy-src=/wp-content/uploads/2024/04/NAB-booth-2024-960x540-1.jpg/> Set against a vibrant backdrop of innovation and collaboratio...
25/04/2024
Trends And Takeaways From NAB Show 2024
alt= class=wp-image-12356 data-lazy-src=/wp-content/uploads/2024/04/NAB-mod-win-960x540-1.jpg/>NAB's Eric Trabb (right) awards SNS with two NAB Show Product...
25/04/2024
Peacock Subs Jump 55% YoY to 34M in Q1 2024
PHILADELPHIA Comcast beat earnings estimates in its Q1 2024 financial report, as streaming losses continued to decline and Peacock's paid subscribers spiked...
25/04/2024
Seattle Kraken Inks Deals with Tegna and Prime Video
SEATTLE The Seattle Kraken have inked new multi-year agreements with Tegna and Prime Video that will expand access to their games over broadcast stations and st...
25/04/2024
Opinion: charting a cloud driven future
M2A Medias Matt Hughes asks, is it time for news broadcasting to shift to the cloud? By Contributor Published: April 25, 2024 M2A Media's Matt Hughes ...
25/04/2024
Cintel Scanner G3 HDR+ Restores Egypt's Cinema Treasures to Their Former Glory
Cintel Scanner G3 HDR Restores Egypt's Cinema Treasures to Their Former Glo...
25/04/2024
Sinclair Names Kevin Coskren Chief Meteorologist at KTUL Tulsa
Sinclair Broadcast Group said it named Kevin Coskren chief meteorologist at KTUL, its ABC affiliate in Tulsa, Oklahoma....
25/04/2024
Attend The Business of TV News Event in D.C. on May 2
The Business of TV News, a new one-day event featuring Martha Raddatz, Shannon Bream, Glenn Kirschner and other major figures in television news, happens at Hot...
25/04/2024
Problematic FCC Conditions On Station Sale Could Create Detroit Drama
Conditions put on the proposed sale of WADL Detroit, to Mission Broadcasting have created a potential drama in the Motor City....
25/04/2024
TelevisaUnivision 1Q Loss Widens But DTC Business Expected To Turn Profit in Second Half
TelevisaUnivision reported a $52 million loss in the first quarter, up from $3 m...
25/04/2024
Comcast Earnings Flat As Video, Broadband Sub Losses Continue
Comcast reported flat first-quarter earnings as it reduced the red ink at Peacock but continued to lose video and broadband customers....
25/04/2024
Vevo Brings Music Videos To Telly's Dual Screen TVs
Music-video network Vevo said it launched its app on Telly, the company offering consumers free dual-screen TVs in return for data about what they're watchi...
25/04/2024
Future Today Redesigns Streaming App Interfaces
Future Today said it has introduced a redesigned user interface for about half of its 300 streaming apps, including Fawesome, HappyKids and iFood.TV....
25/04/2024
Czech mates
The writer and director of a hit Czech series tell Robert Shepherd about their approach to portraying real-life Pakistani kidnappings on the small screen, while...
25/04/2024
Molinaire Creative Group opens new Liverpool facility
Notorious DIT will work with the Liverpool Film Office to increase opportunities for regional talent By Matthew Corrigan Published: April 25, 2024 Updated:...
25/04/2024
Deutsche Telekom Powers New MagentaTV Service With Broadp...
Broadpeak , a leading provider of content delivery network (CDN) and video streaming solutions for content providers and pay-TV operators worldwide, announced t...
25/04/2024
Lightware Enhances Microsoft Teams Rooms with Powerful BY...
Lightware Visual Engineering, a leading manufacturer of connectivity solutions for the professional integrated systems market and a pioneer in signal management...
25/04/2024
Net Insight secures collaboration with DMC Production to...
Net Insight has entered into a collaboration with DMC Production that positions Net Insight at the forefront of sports broadcasting in the Nordics. Net Insight ...
25/04/2024
GlobalM and scoopa announce strategic partnership to faci...
GlobalM has announced a strategic partnership with scoopa, the specialists in broadcast-quality content distribution, offering a complementary service for live ...
25/04/2024
DDish TV LLC Chooses PlayBox Neo Channel-in-a-Box for Bro...
PlayBox Neo announces the completion of a new multichannel playout system for the DDish direct-to-home satellite television network in Mongolia. Based in the na...
25/04/2024
Legendary Producer Garth Richardson Chooses PMC Monitors...
Canadian music producer and engineer Garth Richardson also known as Gggarth due to his stutter - has embraced immersive audio by installing a PMC monitoring s...
25/04/2024
Televisa transforms its broadcast ecosystem with proven t...
Leading video software provider Synamedia today announced that Televisa, the Mexican telecommunications and broadcasting company, has chosen Synamedia as its pa...
25/04/2024
OTTera partners with ThinkAnalytics to enhance personaliz...
OTTera, a leading provider of end-to-end OTT and FAST channel solutions, proudly announces its strategic partnership with ThinkAnalytics, a global leader in adv...
25/04/2024
Perfect Weather Forecast for American Tobacco Events Tonight and Saturday
The American Tobacco Campus will be hopping with activity tonight and this weekend with two fun events! Durham Night Market At last! The Durham Night Market i...
25/04/2024
Qurate Launches The Big Dish on The Roku Channel
WEST CHESTER, Pa. Video commerce provider Qurate Retail Group has launched The Big Dish, a new culinary-themed FAST channel on The Roku Channel....
25/04/2024
HPA Opens Submissions for 2024 HPA Engineering Excellence Awards
LOS ANGELES The Hollywood Professional Association has announced that submissions for the 2024 HPA Engineering Excellence Awards are now being accepted. This re...
25/04/2024
DV Earns MRC Accreditation for CTV Viewability
NEW YORK The digital media measurement and analytics firm DoubleVerify has announced that it has received Media Rating Council (MRC) accreditation for Video Vie...
25/04/2024
DAZN FAST Channels to Launch on Tubi
SAN FRANCISCO Fox Corp.'s ad-supported streaming service Tubi has announced a licensing agreement with the sports platform DAZN that will see DAZN Ringside ...
25/04/2024
IAB Makes Three Appointments to Its Leadership Team
NEW YORK In the runup to the 2024 IAB NewFronts, the IAB has announced three key appointments to its leadership team....
25/04/2024
Epic Games releases Unreal Engine 5.4 with new Motion Design Mode, Unreal VCam for Android, and more
Epic Games releases Unreal Engine 5.4 with new Motion Design Mode, Unreal VCam f...
25/04/2024
Content Creation, Production, Distribution Is In a State of Flux
Content Creation, Production, Distribution Is In a State of Flux Andy Marken April 24, 2024 0 Comments My empathy is creeping towards what I would de...
25/04/2024
Capitol Broadcasting Company to Air Carolina Panthers Games on Triangle's Strongest Broadcast Signal
The Carolina Panthers and Capitol Broadcasting Company (CBC) announced they have...