NSN agrees optical unit sale
Nokia Siemens Networks has agreed to sell its optical networks business to Marlin Equity Partners, in its latest sale of non-core assets.
Under the deal, about 1,900 employees – mainly in Germany, Portugal and China – will be transferred to the new company, NSN said in a statement released on Monday.
Financial details of the deal were not disclosed but the company said the transaction is expected to close in the first quarter of 2013.
NSN, facing declining revenue form the flattening telecom market, has sold a number of product lines since it last year announced plans to divest non-core assets and cut 17,000 jobs. The company is focusing its attention on mobile broadband.
“During 2012 Nokia Siemens Networks has made tremendous progress in the transformation of our company to being the world’s mobile broadband specialist,” NSN CEO Rajeev Suri said.
“Our strategic focus on our core markets has enabled us to concentrate our energy and investment in areas such as LTE where we have strengthened our global leadership position.
Marlin Equity Partners, a California-based private investment firm with around $1 billion of capital under management, said the new optical company will be headquartered in Munich, Germany. It will be led by its existing management team, with Herbert Merz nominated as CEO.