[Techtaffy Newsdesk]
Nokia Siemens Networks and Marlin Equity Partners have reached an agreement for Nokia Siemens Networks to sell its Optical Networks business unit to Marlin Equity Partners.
Rajeev Suri (CEO, Nokia Siemens Networks): Our strategic focus on our core markets has enabled us to concentrate our energy and investment in areas such as LTE.
The deal will establish the division as an independent company. The new optical company will be headquartered in Munich, Germany with operations around the world and will be led by its existing management team with Herbert Merz nominated as chief executive officer.
As a result of the transaction, up to 1,900 employees – mainly in Germany, Portugal and China – from the optical business unit and related functions are expected to transfer to the new company in line with applicable local legal requirements. Related existing customer contracts are also planned to be transferred.
The transaction is expected to close in the first quarter of 2013.