" ITREALMS: EC endorses Nokia Siemens Networks

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Thursday, November 23, 2006

EC endorses Nokia Siemens Networks

The Nokia and Siemens team-up of their networks which began over five months ago, has received the endorsement of the European Commission (EC) for a go-ahead.

It would be recalled that on June 19, this year, Nokia and Siemens announced the plans to combine Nokia’s Networks business group and Siemens’ carrier-related operations for fixed and mobile networks into a new company to be known as Nokia Siemens Networks.

Confirming this development, the chief executive officer designate of Nokia Siemens Networks, Mr. Simon Beresford-Wylie, described it as a welcome development, stressing that it is a remarkable step in putting the new company on its foots.

While assessing the deal, the EC said the transaction would not restrict effective competition in the relevant markets of mobile and fixed telecom networks and services.

Elated Mr. Beresford-Wylie, also said that the endorsement paves the way for the full regulatory approval and therefore good news for customers.

“We believe this decision by the European Commission is a key milestone in obtaining all the relevant approvals for the transaction. While there are notifications still pending in some countries, based on this decision we are optimistic that the merger can be closed within the timetable anticipated by both parties,” he asserted.

He equally pointed out that the benefits and strengths of the new company would be anchored on scale and broad product portfolio, which is necessary to compete globally and create value for shareholders.

“We will be well-positioned to help our customers meet the challenges of lowering costs, growing revenue, and seizing the opportunities presented by converging technology," he said.

Emphasising that the new company, with 2005 calendar year pro forma revenues of EUR 15.8 billion, is uniquely positioned to deliver compelling customer benefits with a comprehensive portfolio of products and solutions for the converging telecommunications market.

It is expected that the Nokia Siemens Networks will take off operationally by January next year.

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