Nokia to Buy Siemens' Stake in Telecom Joint Venture, Reports Say

The deal will leave Nokia with full control of Nokia Siemens Networks, according to news reports.
By TheStreet Staff ,

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

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.

This article was written by a staff member of TheStreet.

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