Nokia Siemens Networks to commence on April 1

Heise: The network equipment joint venture by Nokia and Siemens will as expected commence operations in the second quarter of 2007. Nokia Siemens Networks would begin operations on April 1, Siemens, according to the German news agency dpa, declared on Wednesday. This also emerges from Nokia’s mandatory filing with the Securities and Exchange Commission.

Both companies will contribute their network infrastructure business and its respective assets to the new 50/50 joint venture, it says in the statements. Both partners had moreover agreed to increase the net assets they would be contributing to Nokia Siemens Networks. The assets supplied by Siemens would hence now come to 2.4 billion euros and those by Nokia to 1.7 billion euros. (…)

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