European vendor Nokia Siemens Networks has seen private equity firms KKR and TPG decide not to bid on a stake in the joint venture, reports the Financial Times.
The joint bidders were reportedly unhappy with the price and level of control they were being…
European vendor Nokia Siemens Networks has seen private equity firms KKR and TPG decide not to bid on a stake in the joint venture, reports the Financial Times.
The joint bidders were reportedly unhappy with the price and level of control they were being offered.
This means that just one other bidder, another PE consortium comprising Gores Group and Platinum Equity, is still interested. Both consortia had reportedly been conducting due diligence on a stake of around 51% and worth E2bn.
Siemens and Nokia were both quoted saying that “constructive talks” with multiple interested parties continued.
Potential strategic buyers are Franco-American vendor Alcatel-Lucent and South Korea’s Samsung, but there has so far been no mention of China’s Huawei, which has shown increasing interest in expanding its presence in mature markets.
Morgan Stanley is advising on the sale.
NSN declined comment, but continued to confirm it is open to selling a stake to private equity.
NSN, which is owned by Nokia and Siemens, is due to be disbanded in 2013.
The company has been trying to sell a stake since last summer.
