NEW YORK ( TheStreet) -- Nokia (NOK), the Finnish smartphone maker, has agreed to buy Siemens AG's (SI) stake in a joint venture the companies have for telecommunications equipment, news reports Sunday said.
Nokia will pay less than 2 billion euros ($2.6 billion) to get full control of the venture, Nokia Siemens Networks, according to Bloomberg News, which first reported the deal.
The agreement could be announced as early as Monday.
The deal came as little surprise, according to The New York Times, because Siemens had been looking to divest its 50% stake in the venture to focus on other aspects of its business.The Wall Street Journal said Nokia, which recently failed to reach a deal to sell its handset business to Microsoft, had been trying to put together a deal to buy Siemens out of the joint venture. Bloomberg reported that a bridge loan will be used to help finance the deal.
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