Nokia to Buy Siemens' Stake in Telecom Joint Venture, Reports Say
NEW YORK (TheStreet) -- Nokia (NOK) - Get Report, the Finnish smartphone maker, has agreed to buy Siemens AG's (SI) - Get Report 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
, 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.
This article was written by a staff member of TheStreet.