Sunday, June 18, 2006

Nokia and Siemens to merge

Nokia and Siemens to Merge Telecommunications Arms

Further fueling the consolidation in the telecommunications equipment and technology market, two giants in the business are merging their respective telecom gear businesses — Nokia and Siemens will merge into a single company, according to the Wall Street Journal. In a deal valued at €25 billion ($31.5 billion), Finnish Nokia and German Siemens will combine their telecommunications businesses in a new company to be headquartered in Finland and run by Nokia’s executive Simon Beresford-Wylie.

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