NOKIA BUY LARGER SHARE OF “THE NOKIA SIEMENS NETWORK”.

Nokia Siemens Network

That didn’t take long — just hours after Bloomberg reported that Nokia wasplanning to buy out its German partner, the two firms have made it official: Nokia Siemens Networks is about to become a fully owned subsidiary of Espoo. The €1.7 billion ($2.2 billion) buyout will eventually see the Siemens name dropped from the network, naturally, though Nokia hasn’t yet announced what the restructured entity will be called. The transaction isn’t a complete surprise, of course — earlier this year Siemens CEO Joe Kaeser told Down Jones Newswires that 2013 was the year his company would help “NSN to move into a better place,” announcing plans to separate from the partnership.Kaeser continued the thought in today’s announcement, calling Nokia’s new acquisition as “an attractive opportunity to actively shape the telecom equipment market for the future and create sustainable value.” Nokia head honcho Stephen Elop echoed the sentiment, speaking highly of NSN’s recent financial growth and looking ahead to future ventures. Read on for Nokia and Siemens official press release, complete with quotes, statements and financial specifics.

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