The European Commission today announced that it has approved the planned transaction to merge the Networks Business...
November 13, 2006
The European Commission today announced that it has approved the planned transaction to merge the Networks Business Group of Nokia and the carrier-related operations of Siemens into a new company to be called Nokia Siemens Networks.
According to the commission’s assessment, the transaction would not restrict effective competition in the relevant markets of mobile and fixed telecom networks and services.
Simon Beresford-Wylie, CEO designate of Nokia Siemens Networks, said it was an important step towards full regulatory approval.
“We believe this decision is a key milestone in obtaining all the relevant approvals for the transaction,” he said.
“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.”