Nokia Siemens to sell business support systems

Mobile telecoms equipment joint venture Nokia Siemens Networks said on Wednesday it plans to sell its business support systems business to Redknee as part of a drive to sell non-core assets.

The companies said Redknee (Toronto, Canada) will pay 15 million euros ($19.63 million), plus a maximum of 25 million euros for “performance-based cash earn-outs.”

Nokia Siemens (Helsinki, Finland) on Monday had announced an agreement to sell its optical fiber unit.

Mobile telecoms equipment joint venture Nokia Siemens Networks said on Wednesday it plans to sell its business support systems business to Redknee as part of a drive to sell non-core assets.

The companies said Redknee (Toronto, Canada) will pay 15 million euros ($19.63 million), plus a maximum of 25 million euros for “performance-based cash earn-outs.”

Nokia Siemens (Helsinki, Finland) on Monday had announced an agreement to sell its optical fiber unit.

The company, owned by Nokia (Helsinki, Finland) and Siemens (Munich, Germany), has sold a number of product lines since it announced plans last year to sell non-core assets and cut 17,000 jobs, nearly a quarter of its total workforce.

($1 = 0.7642 euros)

(Reporting By Jussi Rosendahl. Editing by Jane Merriman)