KKR and TPG abandon bid for Nokia Siemens Networks

Nokia and Siemens' desire to sell a major stake in their Nokia Siemens Networks (NSN) venture took another setback this week as private equity groups KKR and TPG have decided such a deal is not a fit for them.

Both groups, according to a Financial Times report, decided to pass on a deal because neither could agree on price and how much control they would have over the company.

With KKR and TPG out of the running, the Gores Group and Platinum Equity are the only remaining bidding consortium for NSN.

Not surprisingly, Nokia, KKR and TPG are remaining tight-lipped about any potential deals other than to say that "We continue to be in constructive talks with several interested parties."

Nokia and Siemens have been searching for a bidder as the NSN venture has struggled to get beaten by aggressive competitors such as Alcatel-Lucent (NYSE: ALU), Ericsson and Huawei. In the first quarter, NSN lost $157 million.

For more:
- Financial Times has this article (sub. req.)

Related articles:
Siemens drives NSN to turn a profit, become a competitive force
NSN seeks US$1bn from private equity firms
Nokia Siemens Networks appoints Armando Almeida as new Global Services chief
Nokia Siemens wants partner with industry experience, not just cash

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