Last updated: July 01. 2013 2:36AM - 360 Views
Associated Press

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(AP) Nokia says it will buy Siemens' half of their joint network operations in a 1.7 billion ($2.22 billion) deal.

The Finnish company says that the transaction, to be completed during the third quarter this year, means that the joint venture Nokia Siemens Networks will become a wholly owned subsidiary of Nokia Corp.

Nokia CEO Stephen Elop said Monday that the network operations had improved its financial performance, and progress in high-speed data provides "an attractive growth opportunity."

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 as well as against Asian manufacturers making cheaper handsets.

Associated Press
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