Nokia has reached a deal to buy out Siemens‘ half of a telecommunications equipment joint venture for about 1.7 billion euros, or $2.2 billion, a person briefed on the matter said on Sunday.
The agreement comes as little surprise. Siemens has indicated that it wanted to divest its stake in the venture to focus on its industrial and energy operations. And an agreement binding Nokia and Siemens together expired in April, freeing both sides to explore potential deals for their holdings.
Siemens reportedly has held discussions with private equity
Nokia is expected to finance the deal with a bridge loan, this person added. It had about 10 billion euros worth of cash on its balance sheet as of March 31.
News of the deal was reported earlier by Bloomberg News.
