Nokia Siemens Networks, a joint venture between Nokia and Siemens is in need of financial support from dear parents to the tune of 1 Billion Euros (872M GBP/1.44B USD).
This is needed to restructure the company and stay afloat. (Hmm, if only they didn’t go and buy Motorola’s network business for about 1B USD huh? Well, it’s a little bit more complicated than that).
Last quarter, NSN posted a loss of 160M USD and was unable to sell the joint venture to private equity buyers. Pipeline Publishing says that Capital predicts NSN will exhaust its credit lines in about 10 months.
Afteir failed agreements to get bidders taking a controlling stake in NSN, OPK (yes that OPK) chairman of NSN believes that “the current shareholders are in the best position to further enhance the value of the company”.
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