Nokia has agreed to purchase Siemens' 50 percent stake in Nokia Siemens Networks, the struggling joint venture between the two companies, for 1.7 billion euros ($2.2 billion).
The Finnish smartphone maker released a statement on Monday, local time, confirming the transaction, which is expected to close during the third quarter.
"Nokia Siemens Networks has structurally improved its operational and financial performance," Stephen Elop, president and CEO of Nokia, said in a statement. "Furthermore, Nokia Siemens Networks has established a clear leadership position in LTE, which provides an attractive growth opportunity."
The purchase had been … Read more