HELSINKI — Nokia said Monday that it will buy Siemens' half of their joint network operations in a 1.7 billion euros ($2.22 billion) deal.
The transaction, to be completed during the third quarter this year, will mean that the joint venture between Nokia Corp. and Germany's Siemens AG. will become a wholly owned subsidiary of the Finland-based company.
The network operations was loss making for years but recently has shown signs of improvement after restructuring and substantial job cuts.
CEO Stephen Elop said the company had also made strides in developing LTE, or long-term evolution, high-speed data.
"Nokia Siemens Networks has established a clear leadership position in LTE, which provides an attractive growth opportunity," Elop said. "Nokia is pleased with these developments and looks forward to continue supporting these efforts to create more shareholder value for the Nokia group."
Nokia, once the dominant cellphone maker, is struggling in the smartphone market against Samsung, Apple's iPhone and handsets that use Google's Android software. It is also being squeezed at the lower end against Asian manufacturers making cheaper handsets.
Nokia said that the operational headquarters of the networks sector will remain in Espoo, near the Finnish capital of Helsinki. But Nokia said, it "will continue to have a strong regional presence in Germany."
The Siemens name will be phased out from Nokia Siemens Networks' company name and branding, with the company's new name to be announced at the closing of the transaction.
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