Finnish handset maker Nokia is willing to engage in discussions with potential buyers of its stake in JV Nokia Siemens Networks, the European vendor, it has been confirmed.
“There has been some unsolicited interest from different parties on NSN, and…
Finnish handset maker Nokia is willing to engage in discussions with potential buyers of its stake in JV Nokia Siemens Networks, the European vendor, it has been confirmed.
“There has been some unsolicited interest from different parties on NSN, and clearly as shareholders we are willing to talk to people who could bring some new assets, capital or ideas into this industry,” Nokia CFO Timo Ihamuotila told reporters in a conference call after unveiling Q3 results on Thursday.
Ihamuotila was unavailable to comment before going to press, but a spokesperson for Nokia was able to confirm the remarks. German vendor Siemens, which owns the other half of NSN, was unable to comment on its side of the venture.
On August 30, NSN CEO Rajeev Suri released a statement acknowledging the JV had received approaches from a “handful” of private equity firms interested in acquiring a stake. According to Suri, the interest was thanks to NSN’s recent strong performance.
A spokesperson for the JV, which is due to end in 2013, reiterated to TelecomFinance that no adviser had been appointed yet.
“We’re not going to speculate on whether there will be any deal and we can’t provide any further information on that at the moment,” she said.
“Nokia Siemens Networks does not at this stage need private equity to execute against its current strategy and is even now well positioned to make progress in the market. Nokia and Siemens have supported Nokia Siemens Networks since its formation, including converting shareholder loans to equity.”
NSN yesterday announced a Q3 operating loss of E282m, compared with a E1.11bn loss for the corresponding period in 2009. Revenues increased by 7% to reach E2.94bn.
