European vendor Nokia Siemens Networks has announced its second non-core asset sale this week with plans to offload its business support systems (BSS) unit in a €40m deal.
Redknee, a BSS group based in Canada, will pay €15m of the consideration in…
European vendor Nokia Siemens Networks has announced its second non-core asset sale this week with plans to offload its business support systems (BSS) unit in a €40m deal.
Redknee, a BSS group based in Canada, will pay €15m of the consideration in cash at closing, expected in H1 2013, with the rest tied to performance-related milestones spanning 12-36 months.
Jefferies and Goetzpartners Corporate Finance financially advised NSN on the transaction, according to a spokesman.
Reports had previously suggested that Swedish vendor Ericsson was in pole position to acquire the unit.
NSN, a joint venture between Finland’s Nokia and Germany’s Siemens, has been stripping itself of non-core assets in a restructuring that will save it a reported €1bn by the end of 2013.
Rajeev Suri, the company’s CEO, has outlined plans to increasingly focus on mobile broadband operations, such as LTE.
Earlier this week it sold its optical networks assets to US-based Marlin Equity Partners. Financial details were not disclosed, but the transaction would transfer up to 1,900 employees to the Californian private equity firm, which has more than US$1bn of capital under management.
