Siemens to Sell Wireless Modules Business to JOMA Consortium

FRANKFURT -(Dow Jones)- Siemens plans to sell its wireless modules business to a consortium made up of private equity investor Granville Baird, Deutsche Telekom's T-Mobile Venture Fund, and investment company Sapfi Kapitalmanagement, Siemens spokeswoman Jessika Gallitz told Dow Jones Newswires Tuesday.

The consortium, set up specifically for the purpose of acquiring wireless modules, is called Joint Operations for Mobile Applications, or JOMA.

The spokeswoman said the purchasing price is in the lower triple-digit million euro range and the sale involves operations with approximately 430 employees worldwide, and 300 in Germany, she added.

In a separate press release, T-Mobile Venture Fund announced the planned purchase of Wireless Modules as part of a leveraged buyout.

T-Mobile Venture Fund will be involved in the future company with a minority interest.

The purchase, subject to the approval by the relevant regulatory authorities, is set to be concluded in the second quarter of 2008.

-By Alexander Becker, Dow Jones Newswires; 49-69-29725-500.

(END) Dow Jones Newswires

Posted to the site on 4th March 2008