Nokia (NOK), Siemens (SI) Seek to Exit Joint Venture

Nokia (NYSE: NOK) and Siemens AG (NYSE: SI) have opened the books of their Networks joint venture to private equity investors as the companies look to exit the union, sources suggested Tuesday.

The Economic Times reported groups which may be interested in buying the joint venture include The Gores Group with Platinum Equity, and TPG with KKR.

Restructuring of the JV will most likely occur, though the Economic Times said Siemens wants to "avoid being pilloried for any job losses resulting from a change of ownership, as happened when its former mobile phones unit filed for insolvency after being sold to Taiwanese group BenQ in 2005."

A spokesperson for Nokia-Siemens Networks confirmed talks, but didn't comment on any specific matter.

The JV has struggled since 2007, as competitors Huawei and Ericsson created strong pricing pressure.

Word circulating Monday was that Nokia may also look to sell its phone business to Microsoft (Nasdaq: MSFT), though these talks, if any, haven't been confirmed.

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• Apple reportedly cuts jobs in Siri and Vision Pro teams amid AI shift
• As Employers Cut Jobs, IW Technologies Marks 50 Years by Investing More in Its People
• Albemarle names Max Hood as chief accounting officer