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Mergers and Acquistions News

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June 13th 2011, 9:24AM

Mobile phone company Nokia has revealed that it is in talks with a number of parties over the sale of its stake in Nokia Siemens Networks (NSN).

The announcement by the company follows reports that US private equity firms Kohlberg Kravis Roberts & Co and TPG had backed away from bidding for a majority share, after failing to reach a deal which was acceptable to both sides.

A statement released by Nokia said that this did not mean that the acquisition was off the table.

It said: "As we have said earlier, there has been unsolicited interest in NSN and we continue to be in constructive talks with multiple parties."

Nokia and German company Siemens merged their business on a six-year deal in 2007 on a 50-50 ownership basis, but the deal has failed to have the impact the companies hoped it would.

Despite a number of joint ventures, the company is now looking for buyers to acquire this part of its operation. Nokia as a business will continue in the same way.
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