Nokia Siemens Networks will not issue an initial public offering in 2011, a top Siemens executive said, definitively pushing back the timeline for when the vendor will go public.
"First, there aren't any plans to bring NSN to the market, and second, it would hypothetically be seen as a bit early," Siemens CFO Joe Kaeser said in an interview with German television station Deutsches Anleger Fernsehen.
Kaeser said in November that an IPO for NSN--a joint venture between Siemens and Nokia (NYSE:NOK)--was a medium-term priority. Nokia Siemens' financial future has recently centered on whether and when its parent companies will sell a stake in the venture to a private equity firm.
In December, the German magazine Manager Magazin reported, without citing its sources, that the two parent companies were negotiating with a consortium of private equity firms to sell off 30 percent of Nokia Siemens. The report said that the two companies were holding talks with a group that included Blackstone and the Gores Group; no price for the stake had been set, the report added. Nokia and Siemens reportedly have been holdings talks with interested parties since August.
Nokia Siemens will report its fourth-quarter financials Jan. 27.
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