Nokia buys Siemens stake in NSN joint venture – will an exit from the phone business follow?

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Nokia buys Siemens stake in NSN joint venture – will an exit from the phone business follow?

For the past three years, markets have been trying to guess whether or not Nokia would dump its stake in the Nokia Siemens Networks, a mobile infrastructure joint venture. The mobile network market is tough and Ericsson is widely viewed to be far ahead of Nokia in terms of selling operators value-added services. Since NSN has some traction in emerging markets, an Indian buyer has been thought to be one possibility. But on Sunday night, Nokia announced that it is actually buying the Siemens stake in NSN for $2.2 billion. This is not chump change for Nokia, which has less than 5 billion euros in net cash and has stopped paying a dividend to conserve its cash reserves.

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