Nokia Siemens Networks finalises sale of its OTN business

Telecomworldwire, July 2, 2008

TELECOMWORLDWIRE-2 July 2008-Nokia Siemens Networks finalises sale of its OTN business(C)1994-2008 M2 COMMUNICATIONS LTD http://www.m2.com

Finnish telecomms infrastructure company Nokia Siemens Networks, owned by the Finnish telecomms solutions provider Nokia (NYSE:NOK) and the German electrical engineering and electronics company Siemens, said on Tuesday (1 July) that it has finalised the sale of OTN its (Open Transport Network) business to the Belgian investment company GIMV.

The transfer has been approved and has undergone approval with the works council, according to local legal practice, and final agreement has been signed by both companies.

The Nokia Siemens Networks OTN team of approximately 80 people, will officially transfer to a newly formed company named OTN Systems N.V., which is owned in majority by GIMV.

This includes key functions in R&D, Manufacturing, Sales, Technical Support, Finance as well as Product and Program Management.

In addition, Nokia Siemens Networks would continue to sell OTN products through direct channels and open up its Value Added Reseller network to OTN.

Nokia Siemens Networks, headquartered in Espoo, Finland, is an international telecomms infrastructure company with operations in some 150 countries worldwide.

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