Nokia Oyj To Buy Siemens AG's Stake In Joint Venture-Reuters

Reuters reported that Nokia Oyj said it has agreed to buy Siemens AG's stake in their Joint Venture Nokia Siemens Networks (NSN) for EUR1.7 billion ($2.2 billion). Nokia said it expected to close the transaction during the third quarter of 2013. Upon closing of the planned acquisition, Nokia Siemens Networks will become a wholly owned subsidiary of Nokia. The purchase price totals EUR1.7 billion, of which EUR1.2 billion will be paid in cash at the closing of the transaction. The balance of EUR0.5 billion will be paid in the form of a secured loan from Siemens due one year from closing. Nokia has obtained committed bank financing for the EUR1.2 billion cash portion.