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Monday, Jul 1
Nokia (NOK) confirms it's buying Siemens' (SI) 50% stake in Nokia Siemens. The price is...
Nokia (NOK) confirms it's buying Siemens' (SI) 50% stake in Nokia Siemens. The price is €1.7B ($2.21B); Nokia will pay €1.2B in cash (via bank loans), and a €500M loan from Siemens due a year after the deal's closing (expected to be in Q3). NSN's current management/governance structure will be maintained. Also: Nokia estimates it closed Q2 with gross cash of €9.2B-€9.7B and net cash of €3.7B-€4.2B, down from €10.1B and €4.5B at the end of Q1; if the deal were to have closed in Q2, net cash would be at €2B-€2.5B. (Bloomberg report)