Nokia Inks $2.2B Deal To Buy Siemens JV Stake

Law360, New York (July 1, 2013, 1:34 PM EDT) -- Sputtering handset maker Nokia Corp. will put up €1.7 billion ($2.2 billion) to buy its longtime partner Siemens AG out of a telecommunications-equipment joint venture, it said Monday, part of a plan to boost its bottom line and keep up with competitors.

Under the deal's terms, Nokia will assume full ownership of Nokia Siemens Networks BV in exchange for a €1.2 billion cash payment when the deal closes, anticipated in the third quarter. The company will cover the remaining €500 million through a secured loan from...
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