WiMax expansion isn’t exactly the complete rage today, and so it comes as no surprise that Nokia Siemens Networks is shedding itself of the extraneous baggage. Following its recent whopping round of layoffs , the move is a continuation of the company’s efforts to bring stability to its final analysis. NewNet Communication Technologies has agreed to bring the castoff WiMax technologies into its fold, in conjunction with approximately 300 NSN employees — inquisitive about an undisclosed price — in a deal that’s expected to be finalized before year’s end. a whole press release follows the break.
Espoo, Finland / Shelton, Connecticut – November 29, 2011
NewNet Communication Technologies, LLC, a Skyview Capital, LLC portfolio company, announced today that the corporate plans to obtain the previous Motorola Solutions’ WiMAX business from Nokia Siemens Networks. Under the terms of the agreement, NewNet would acquire the total WiMAX product portfolio, the related employees and assets, in addition to active customer and supplier contracts. Approximately 300 Nokia Siemens Networks employees would transfer to NewNet. The corporations expect to shut before December 31, 2011.
“The addition of the WiMAX business would enhance the breadth of NewNet’s product portfolio, R&D capabilities, customer relationships and our overall market position in providing wireless infrastructure solutions to carriers on a world basis. We’re thrilled on the prospect of welcoming a global-class group of WiMAX pioneers and thought leaders to the NewNet team,” said Ron Pyles, president and CEO of NewNet. “NewNet recognizes there’s enormous potential in providing outstanding products, support and services to operators who’ve already invested heavily in WiMAX technologies in addition to folks that will achieve this sooner or later. We’re committed to serving the market with an industry leading roadmap and innovative product migration options.”
“We believe that our current WiMAX customers would receive the best quality products, services and sales support from NewNet,” said Marc Rouanne, head of Network Systems, Nokia Siemens Networks. “This transaction would also provide a fine opportunity for our WiMAX employees. We’ve great confidence in NewNet’s plans to become a chief WiMAX infrastructure provider. The corporate has an effective track record in acquiring telecommunication businesses and driving revenue growth.”
“This transaction represents an important milestone in our process of building a robust global presence within the telecommunications marketplace through NewNet Communication Technologies”, said Alex Soltani, chairman and CEO of Skyview Capital. “We’re very serious about the WiMAX market opportunity and are fully committed to supporting Ron and his team as they evolve the business right into a global leadership position.”
As part of the transaction the corporations expect to transition approximately 300 globally deployed Nokia Siemens Networks employees to NewNet. A lot of these employees are based in suburban Chicago, USA and Hangzhou, China. Nokia Siemens Networks and NewNet believe this acquisition would offer transferring employees with attractive professional growth opportunities in a great, technologically advanced company that has an on-going focus within their core areas of experience.
Specific terms of the transaction weren’t disclosed.
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