Siemens reportedly looking to sell its joint Nokia Networks venture
Information technology has been reported that Siemens has approached several individual disinterestedness firms to gauge interest in purchasing its Nokia Siemens Networks (NSN) venture. Potential buyers are said to include TPG, Blackstone Grouping and KKR & Co, co-ordinate to the Wall Street Journal. The newspaper notes the venture could be worth as much equally $ix.36bn and would exist an attractive prospect for public investors. The FT reported dorsum in January that the business concern would wait to enhance €700 1000000.
The paper'southward sources also threw upwards another possibility that Siemens could well sell its pale in the venture. While Siemens is looking to get out of the venture, Nokia appears to want to concord onto the mobile network equipment and services business. We've previously covered NSN propping up revenues in fiscal reports during Nokia'due south troubled switch to Windows Telephone.
Final quarter NSN contributed €210m to Nokia's net cash position with revenues of €2.8bn, which put the business on par with Nokia's device and services partitioning. The Wall Street Journal also notes NSN'southward share of Nokia's overall revenues has increased to 46 pct, compared to just 30 percent when Nokia CEO Stephen Elop arrived. The CEO has also been at the driving seat with the restructure of NSN, aiming for annual operating expense rate of €1bn less than in 2022.
Nokia could well be reaching out to Finnish sovereign-wealth fund Solidium to aid a plan to purchase out the Siemens pale in NSN. This could prove to exist a hard motility if the European Commission views it every bit a grade of land aid. A more likely pick could be if Siemens or Nokia fail to secure other possibilities, is an IPO (initial public offering) of NSN shares, which analysts believe could value the business organization at between €7.i and €7.5 billion (including debt). We could so encounter the full general public able to lend a helping hand through the purchase of shares.
Source: Wall Street Journal, via: ZDNet
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