FRANKFURT, June 18 German industrial
conglomerate Siemens is seeking offers from private
equity firms to buy its stake in its telecoms equipment joint
venture Nokia Siemens Networks (NSN), three sources
familiar with the discussions said on Tuesday.
Siemens, together with its partner Nokia is
reviving efforts to find a buyer and has approached private
equity companies TPG, KKR and Blackstone,
the sources said.
Nokia and Siemens have been looking to exit the joint
venture company through a buyout or public offering.
Nokia and Siemens declined to comment, as did the private
NSN has shown signs of a turnaround in recent quarters,
helped by a massive restructuring drive last year that cut
around 20,500 out of 74,000 jobs.
Siemens is again taking the initiative to woo potential
investors with a progress report on the unit's performance, the
Siemens has made previous efforts to sell the unit to
private equity firms, but potential investors have been put off
by different expectations on price.
In April a founding six-year pact binding Siemens and Nokia
in Nokia Siemens Networks expired with sources saying at the
time there was no sale in sight for at least the next few
German newspaper Boersen-Zeitung said on Tuesday that
Siemens had revived its efforts to sell its stake.