Finland-based Nokia and Germany-based Siemens reportedly combine there telecom equipment businesses into a new joint-venture. By some estimates, the two collectively hold more than 50% market share.

The new merged company will be based in Finland and ownership will be split "evenly" between the two companies, with a Nokia executive heading the entire operation. The deal is valued at over 25 billion euros ($32 billion). Apparently the biggest reason for the merger was to cut down on excessive research and development expenses. According to the report the merge will save them over 1.2 billion euros (over $1.5 million). More details will probably surface during the day today, which is when the new deal was originally expected to be announced.

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Report Published by: Mark Raby