The European Commission (EC) has given unconditional clearance of 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.
On June 19, 2006, Nokia and Siemens announced plans for the new company, which with 2005 calendar year pro forma revenues of €15.8 B, is uniquely positioned to deliver compelling customer benefits with a comprehensive portfolio of products and solutions for the converging telecommunications market. Nokia and Siemens expect that the operations of the new company will commence in January 2007.
CEO designate of Nokia Siemens Networks, Simon Beresford-Wylie, welcomed the EC’s decision, saying it was an important step towards full regulatory approval and good news for customers. "We believe this decision by the European Commission is a key milestone in obtaining all the relevant approvals for the transaction. 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."
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