Nokia And Siemens In Telecom-Equipment Merger

Posted: Jun 19 2006, 1:10am CDT | by , Updated: Aug 10 2010, 5:49pm CDT, in News | Mobile Phones

Nokia and Siemens in Telecom-Equipment Merger
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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.

Full story. See also the WSJ (Subscription).

Report Published by: Mark Raby

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<a href="/latest_stories/all/all/2" rel="author">Luigi Lugmayr</a>
Manfred "Luigi" Lugmayr () is the founding Chief Editor of I4U News and brings over 25 years experience in the technology field to the ever evolving and exciting world of gadgets, tech and online shopping. He started I4U News back in 2000 and evolved it into vibrant technology news and tech and toy shopping hub.
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