Business Services Industry
Nokia negotiates divestment of its Automotive Business
Nordic Business Report, Jan 28, 2008
NORDIC BUSINESS REPORT-28 January 2008-Nokia negotiates divestment of its Automotive Business(C)1994-2008 M2 COMMUNICATIONS LTD http://www.m2.com
Finnish telecomms solutions provider Nokia (NYSE: NOK) said on Monday (28 January) that it is in negotiations to divest its Automotive Business to the former head of Nokia's Enhancements unit and the Automotive Business, Razvan Olosu, and Equity Partners GmbH.
If the negotiations are successful, the transaction will enable employment for the personnel in the current Automotive entity at the new company, the company said.
Nokia said that it will start consultations with the works council about the transfer of the Automotive Business including the transfer of the affected employees to the new company.
The parties anticipate that the deal could be closed during the first half of 2008.
Equity Partners is a Private Equity Firm based in Dusseldorf, Germany. The firm invests into promising lower mid-market businesses (Mittelstand) in Germany, generally partnering with the management of the firm.
Nokia, headquartered in Espoo in Finland, is a global mobile phone and network equipment manufacturer. It has some 65,324 employees worldwide. Nokia is listed on the Helsinki, Stockholm, Frankfurt and New York stock exchanges.
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