Nokia Siemens Networks, the world’s second-largest maker of wireless phone systems, said it will pay $1.2 billion to buy wireless network assets from Motorola Inc. to expand in North America and Japan.
Nokia Siemens Networks, the phone- equipment maker that Nokia Oyj is fully taking over, is considering reducing about 8,500 jobs to boost profitability, according to three people familiar with the matter.
Nokia Siemens Networks is selling 600 million euros ($779 million) of bonds and published a detailed list of assets and liabilities, as Nokia Oyj and Siemens AG seek to make the venture more independent.
Nokia Siemens Networks plans to revamp its management in Europe and Latin America, closing down functions and simplifying its structure as the wireless-gear venture of Nokia Oyj and Siemens AG cuts costs.
Nokia Siemens Networks, the phone- equipment venture of Nokia Oyj and Siemens AG, agreed to sell its optical networks business to Marlin Equity Partners as part of its plan to reduce costs and focus on mobile broadband.
Nokia Siemens Networks, the phone- equipment venture of Nokia Oyj and Siemens AG, may sell as much as 750 million euros ($1 billion) of bonds to bolster its finances, according to a person familiar with the plans.
Nokia Siemens Networks, which this week ended talks to sell a stake to buyout firms, needs to cut jobs to gain the option of independence as competition with rivals including Huawei Technologies Co. intensifies.