NSN gets $1.36B cash infusion from Nokia and Siemens, appoints new executive chairman

Nokia Siemens Networks is getting a new lease on life as its two parents, Nokia and Siemens, have decided to jointly invest $1.36 billion in the venture and have appointed Jesper Ovesen as its new Executive chairman of the board.

Jesper Ovesen, Nokia Siemens Networks

Ovesen

Working with NSN's current president Rajeev Suri and his management team, Ovesen will serve in a full-time capacity, replacing replaces former Nokia CEO Olli-Pekka Kallasvuo, who decided to step down from his post as Non-Executive Chairman.

Prior to his new post at NSN, Ovesen served in a number of executive positions with major European companies, including most recently as the CFO of Danish telecommunications group TDC during the company's restructuring process and IPO.

By making the investment in NSN Nokia and Siemens will both get will get preferred stock in Nokia Siemens.

Earlier this year, Nokia and Siemens were considering selling the venture to a private equity firms that could possibly turn around the company. After talks with two major equity firms fell through, Nokia and Siemens said in July they would look for other options for the venture.

For more:
- see the NSN release
- see this Dow Jones Newswires article
- here's FierceWireless' take

Related articles:
Nokia Siemens Networks continues to weigh future options
KKR and TPG abandon bid for Nokia Siemens Networks
Nokia Siemens Networks to light up NBN Co.'s transmission network
Nokia Siemens Networks taps Rick Corker to head up North American unit
Siemens drives NSN to turn a profit, become a competitive force

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