Nokia Siemens Networks will buy Motorola's telecom network equipment business for $1.2 billion, getting a stronghold in the North American market and taking No 2 position in the cut-throat mobile gear market.
Nokia Siemens Networks -- a 50-50 joint venture of Nokia and Siemens -- has struggled to make a profit in the $82 billion market, which was hit hard by the recession, Reuters informs.
In a joint statement, the companies said they expect the deal to close by the end of 2010.
"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," Nokia Siemens Chief Executive Rajeev Suri said.
Nokia Siemens, a joint venture between Finland's Nokia Corp. (NOK) and Germany's Siemens AG (SI) said it expects the transaction will strengthen its business relationships with a number of telecom operators including China Mobile Ltd. (CHL), Sprint Nextel Corp. (S) and Vodafone Group PLC (VOD).
As a result of the deal, Nokia Siemens expects to become the largest foreign wireless gear vendor in Japan, the third-largest in the United States, and to strengthen its number two position in the global infrastructure segment, Wall Street Journal reports.
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