Nokia to buy Siemens' stake in NSN for 1.7 bln euros

HELSINKI, July 1 Mon Jul 1, 2013 12:14am EDT

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HELSINKI, July 1 (Reuters) - Finnish mobile phone company Nokia said on Monday it has agreed to buy Siemens AG's stake in their joint venture Nokia Siemens Networks (NSN) for 1.7 billion euros ($2.2 billion).

While Nokia has been struggling to compete against Apple and Samsung in smartphones, the network gear maker NSN has been posting profits in the past few quarters.

Nokia said it expected to close the transaction, subject to regulatory approval, during the third quarter of this year. ($1 = 0.7693 euros) (Reporting by Terhi Kinnunen; editing by Miral Fahmy)

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