Nokia yesterday announced that it had completed the acquisition of Siemens stake in the the former Nokia Siemens Network (NSN), a development that has led to a change of name.
The company will now be called Nokia Solutions and Networks (NSN), and according to Nokia, the “name spells business as usual for mobile broadband powerhouse.” Worth noting too is the fact that even with the change of name, the renamed outfit retains the old acronym “NSN.”
Said Nokia in a media release: “The new name reflects NSN’s change of ownership following Nokia’s acquisition of Siemens’ entire 50 percent stake, which was announced on July 1, 2013, and completed today. Nokia Solutions and Networks is wholly owned by Nokia and will continue to be consolidated by Nokia.”
To further emphasis that “business as usual” will be maintained, Rajeev Suri – former Nokia Siemens Networks boss – will continue as NSN CEO, while the NSN Executive Board will remain unchanged as a result of the transaction.
Rajeev Suri continues as CEO with Jesper Ovesen continues as Executive Chairman of the NSN Board of Directors. The NSN Board of Directors has been adjusted to the new ownership structure as the Siemens-appointed directors have resigned.
“While our name and brand have changed, I would like to emphasize that our overall strategy and our focus on mobile broadband remain the same. 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,” said Rajeev.
While announcing the transaction, Nokia stated its intention to “continue to strengthen the company as a more independent entity”.
NSN’s goal remains to develop profitable businesses with customers worldwide, deploying the ever-growing possibilities of universal connectivity and content.NSN is a major global player in mobile broadband serving many of the leading mobile network operators. The firm operates in over 120 countries and had net sales of approximately 13.4 billion euros in 2012.