Nokia Siemens Networks agrees Broadband Access sale
Nokia Siemens Networks has agreed a deal to sell its Broadband Access business to ADTRAN, with around 400 staff expected to move as a result.
Nokia Siemens Networks has agreed to sell its fixed-line
Broadband Access business to networking solutions provider
The deal is expected to be concluded by the end of April 2012
following a consultation period - which may see key members of
staff negotiating contracts for their new roles - and conclusion of
Around 400 workers worldwide are expected to move from Nokia
Siemens Networks and chief executive officer at ADTRAN Tom Stanton
described the deal as "a very favourable outcome for customers,
employees and shareholders".
He said the planned acquisition will enable the firm to "deliver
a full portfolio of solutions to meet customer needs on a global
ADTRAN - which recorded $606 million (£387 million) in revenue
in 2010 - will assume ownership of Nokia Siemens Networks'
Broadband Access intellectual properties, technologies and its
customer base once the deal is completed and Mr Stanton added it
will give ADTRAN a presence in "key markets".
Posted by Ron Maverick
Source: Nokia Siemens Networks statement, December 12th