Nokia and Siemens to Merge Mobile Networks

Jun 20, 2006

Siemens and Nokia Corp. have announced that they will combine their mobile network operations to create a joint venture with annual revenues of 15.8 billion euro ($20 billion). The 50-50 venture, to be called Nokia Siemens Networks, will consist of Nokia's network business group and Siemens' carrier-related operations. The deal was expected to close by the end of the year, pending regulatory approval, and both companies said that between 10% and 15% of staff positions, or about 9,000 jobs, would likely be cut over the next four years.