Nokia Completes NSN Takeover, Changes Company Name
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Nokia Completes NSN Takeover, Changes Company Name

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Bangalore: Finnish mobile giant, Nokia, has announced that they have successfully completed the purchase of German giant Siemens’ 50 percent stake in Nokia Siemens Networks and changed the company name into Nokia Solutions and Networks eventually retaining the same acronym NSN.

Since after announcing the acquisition last July, Nokia clearly indicated that they are planning to create a new value for shareholders and also are in a process to reinforce NSN into more of an independent unit.

NSN, a company specialized in high-speed mobile broadband, was founded in 2007 as a joint venture, a partnership that expired in April. Interestingly, NSN has posted far better earnings than Nokia’s squamping mobile phone business, who still struggles to compete against rivals Samsung and Apple.

In the second quarter, NSN recorded a net profit worth 8 million euros whereas Nokia posted a loss of 227 million euros.

According to news agency Bloomberg, NSN may cut a sixth of its workforce, which is somewhere around 8,500 jobs. Eventually, Nokia was unavailable for comment.

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