Nokia buys 50% share in joint venture with Siemens for € 1.7 billion

HELSINKI-Finnish Nokia today announced the purchase of 50% that still did not have in joint venture with Siemens, Nokia Siemens Networks (NSN), for 1.7 billion euros ($ 2.2 billion), confirming earlier news that an agreement had been closed.
Nokia hit pay 1.2 billion euros in cash when the agreement is finalized in the third quarter. The remaining 500 million euros will be paid in the form of a loan with insurance, a year after the completion of the deal.
The NSN, which manufactures telecommunications equipment, will become a wholly owned subsidiary of Nokia. The main Office of the NSN, which was founded in 2007, is still in the Finnish town of Espoo.
At 7:54 (), the shares of Nokia, whose recommendation was elevated by JPMorgan Cazenove to "overweight", rose 7.31 percent in Helsinki, while the roles of the Siemens advanced 2.36% in Frankfurt. Source: Dow Jones Newswires.