Nokia Siemens buys Motorola unit for $1.2 billionJuly 19th, 2010 - 7:59 pm ICT by BNO News
ESPOO, FINLAND (BNO NEWS) — Nokia Siemens Networks and Motorola on Monday announced that the companies have entered into an agreement under which Nokia Siemens Networks will acquire the majority of Motorola’s wireless network infrastructure assets for $1.2 billion.
The companies said the transaction is expected to significantly strengthen Nokia Siemens Networks’ presence globally, particularly in the United States and Japan.
As part of the transaction, Nokia Siemens Networks expects to gain incumbent relationships with more than 50 operators and to strengthen its position with China Mobile, Clearwire, KDDI, Sprint, Verizon Wireless and Vodafone.
“This is an exciting acquisition that I believe has significant benefits for customers, employees and our shareholders,” said Rajeev Suri, chief executive officer of Nokia Siemens Networks in a statement.
Meanwhile, Greg Brown, Co-CEO of Motorola, said Motorola will now become a valuable addition to Nokia Siemens Networks. “We are excited to have reached this agreement to combine our Networks team with such an industry leader,” he said.
Nokia Siemens Networks expects that based on revenue, with the addition of the Motorola wireless network infrastructure business, it will become the number three wireless infrastructure vendor in the United States, the number one foreign wireless vendor in Japan, and strengthen its current second position in the global infrastructure segment.
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