Mergers and Acquistions News
Categories: Telecoms
July 19th 2010, 18:22PM
Nokia Siemens Networks (NSN) will acquire most of Motorola's telecoms infrastructure in a $1.2 billion (£784 million) deal.
This will move NSN to second spot in the hotly-contested mobile market.
NSN, owned by both Nokia and Siemens as a result of a 50:50 joint venture, has been looking for a deal of this kind after suffering a weakening position in the market.
Ericsson and Chinese group Huawei are now the only other frontrunners, according to Reuters.
The merger will see some 7,500 employees move from Motorola to NSN.
NSN welcomed the acquisition.
Rajeev Suri, chief executive of the network, said it would enable the group to expand.
"I believe the addition of Motorola?s Networks business will significantly strengthen our worldwide presence, enhance our scale in the United States, Japan and other priority regions and reinforce our leadership position in the global wireless sector," he said.
According to the Financial Times, NSN made a loss of $2.1 billion (£1.3 billion) in 2009.
The deal is expected to fully complete by the end of the year.
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