Nokia Siemens Networks, Nortel signed $650million planned acquisition

Nokia Siemens Networks and Nortel signed USD$650 million planned acquisition agreement to purchase LTE and CDMA assets.

Nokia Siemens Networks has moving actively forward to strengthening its leadership in next generation wireless technology and expanding its market presence in North America with an agreement to acquire key assets from Nortel.

Nokia Siemens Networks' planned of acquisition will keep Canada at the forefront of next-generation wireless research and development and will strengthen the company in North America and LTE.

This agreement provides an important strategic opportunity for Nokia Siemens Networks to strengthen its position in two key areas, North America and LTE, at a price that makes good economic sense, said Simon Beresford-Wylie, Chief Executive Officer of Nokia Siemens Networks.

There are more than 2,500 Nortel employees mainly in Canada and Dallas, United States including employees in Mexico and China, and it would likely be that Nortel employees would transfer to Nokia Siemens Networks.

Existing Nokia Siemens Networks strength will become more furnish with the addition of Nortel assets, a company in the field of mobile radio access. It also adds key talent and resources to enhance the company’s existing strength and momentum in LTE in which approximately 400 employees of Nortel are focused on LTE research and development