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Nokia completes acquisition of Siemens' NSN stake

Finland-based telecoms vendor renamed Nokia Solutions and Networks

Rajeev Suri will remain as CEO and the NSN executive board will remain unchanged as a result of the transaction.
Rajeev Suri will remain as CEO and the NSN executive board will remain unchanged as a result of the transaction.

Nokia has completed its acquisition of Siemens' 50% stake in Nokia Siemens Networks, and renamed the company Nokia Solutions and Networks. The telecoms vendor, which is now wholly owned by Nokia, will be known as NSN.

Rajeev Suri will remain as CEO and the NSN executive board will remain unchanged as a result of the transaction.

"While our name and brand have changed, I would like to emphasise that our overall strategy and our focus on mobile broadband remain the same," said Rajeev Suri, CEO of NSN.

"Our customers will not notice any difference in our unstinting commitment to delivering superior technology and services across the world. Today's announcement is, however, an exciting new chapter in our transformation story."

NSN's strong profitability, shown in Nokia's Q2 results published on July 18, 2013, is testament to the success of that strategy and the increased efficiency of the company.

NSN has delivered a profit for four consecutive quarters, vindicating the turnaround strategy that it adopted in November 2011.