Nokia to buy Siemens' stake in NSN for $2.2 billion
Helsinki: Finnish mobile phone company Nokia said on Monday it has agreed to buy Siemens AG's stake in their joint venture Nokia Siemens Networks (NSN) for 1.7 billion euros.
While Nokia has been struggling to compete against Apple and Samsung in smartphones, the network gear maker NSN has been posting profits in the past few quarters.
NSN turned profitable after massive cost cuts and as its focus on fourth-generation (4G) Long Term Evolution (LTE) networks has begun to pay off.
In the first quarter of this year NSN's adjusted earnings before interest and taxes (EBIT) amounted to 196 million euros.
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