NSN sees Motorola wireless assets deal in Q1
Espoo (Finland), December 29, 2010
Nokia Siemens Networks (NSN), a leading enabler of telecoms services, said it expects to complete its acquisition of the majority of Motorola’s public carrier wireless network infrastructure assets in the first quarter of 2011.
NSN had expected to complete the closing activities by the end of this year. But, the transaction has not yet received regulatory approval from the Anti-Monopoly Bureau of the Ministry of Commerce of China, said a company statement.
All other necessary regulatory clearances have been obtained, it added.
“This delay is disappointing, but we’re looking forward to completing the acquisition early in the new year,” said Rajeev Suri, chief executive officer of Nokia Siemens Networks.
“We are continuing to work closely with the authority in China to finalize the clearance process in that country. We recognize its efforts in addressing this case as a matter of importance,” he added.
Approximately 7,500 employees are expected to transfer to Nokia Siemens Networks from Motorola’s public carrier wireless business when the transaction closes, including large research and development sites in the US, China and India.-TradeArabia News Service