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Nokia Siemens Networks to buy Motorola’s telecom network division

20 July 2010 14:24 (UTC +04:00)

Baku - APA-Economics. Nokia Siemens Networks is all set to acquire Motorolaâ€™s wireless networking business, reports said on Monday, india-server.com reported.

Motorola was planning to exit from its wireless networking business and now the division has been sold for a $1.2 billion, reports said.

According to the deal, Motorolaâ€™s unit that is into making gears is said to be sold to Nokia Siemens, according to sources.

Motorola plans to spin off its cell phone and cable set-top box parts into a separate company after the deal. The proceeds from the sale would help the company with enough cash requirements.

Motorola is the US-based multinational which is into manufacturing wireless telephones, designing wireless network infrastructure equipment and its other products include set-top boxes, digital video recorders and high definition television. Nokia Siemens, on the other hand, is into the business of providing telecommunication equipments.

Motorola shares rose by 3.47 percent to reach $7.76 during the Monday afternoon trading on the New York Stock Exchange, reports said.