Nokia Siemens steps closer to starting line

ESPOO, Finland-The European Commission gave its blessing to the proposed merger of Nokia Corp.’s Networks Business Group and the carrier-related operations of Siemens AG.
The Commission had been assessing whether the merged entity, to be called Nokia Siemens Networks, would restrict competition within relevant mobile and fixed telecom markets. Given that the Commission decided to give Nokia Siemens Networks a green light to move forward, the new company is expected to begin operations in January with estimated revenues of $20 billion.
Simon Beresford-Wylie, executive vice president and general manager of Nokia Networks, has been tapped to lead Nokia Siemens Networks and acknowledged that while notifications are still pending in some countries, he’s optimistic that the merger will receive full regulatory approval.