Mergers and Acquistions News
Categories: Telecoms
September 23rd 2008, 11:33AM
The European Commission will not stand in the way of the Gores Group's proposed acquisition of Siemens Enterprise Communications (Sen), it has been announced.
In an investigation of the deal, the Commission decided that the takeover will have no meaningful impact on fair competition within the European Economic Area.
Gores is a US-based private equity company with a strong focus on the telecommunications and technology industries.
Its firms' activities cross over with Sen's in a number of areas, including cordless handsets and IT services.
The deal will see a joint-venture between Gores and Sen, with the former owning 51 per cent of the shares and the latter 49 per cent.
A sum of €350 million (£277.8 million) will be contributed by both Gores and Sen's parent company Siemens AG to get things off the ground, Hexus reports.
The news follows last week's announcement that Siemens had sold its Machine Vision Business to Spectris.
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