Advertisements
Advertisements

Advertisements

Nokia Siemens Networks needs some money from parents…

| August 18, 2011 | 10 Replies

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).

Advertisements

NSN has been struggling to make profit since they began in 2007. Recently in Q1 they surprised with a small first quarter profit

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”.

Totaltele / PipelinePub

Cheers crisscross for the tip

 

Advertisements

Category: Nokia

About the Author ()

Hey, thanks for reading my post. My name is Jay and I'm a medical student at the University of Manchester. When I can, I blog here at mynokiablog.com and tweet now and again @jaymontano. We also have a twitter and facebook accounts @mynokiablog and  Facebook.com/mynokiablog. Check out the tips, guides and rules for commenting >>click<< Contact us at tips(@)mynokiablog.com or email me directly on jay[at]mynokiablog.com