Nearly 2000 Staff to Move to New Firm As NSN Sells Optical Networks Division
Published on: 3rd Dec 2012
Note -- this news article is more than a year old.
By: Ian Mansfield
Nokia Siemens Networks has announced that it is selling its Optical Networks business unit to Marlin Equity Partner for an undisclosed amount. As a result of the transaction up to 1 900 employees mainly in Germany Portugal and China from the optical business unit and related functions are expected to transfer to the new company.
The sale is part of the company's ongoing moves to dispose of assets as the company shrinks its reach to cut costs.
Marlin Equity Partners, a USA-based private investment firm has formed a new company and intends to act as a consolidator, building a new company in the fragmented optical networking sector.
"We are making a major commitment to this sector, and have significant capital under management that we intend to use as a catalyst for consolidation," said Nick Kaiser, a co-founder and partner at Marlin Equity Partners.
The new optical company will be headquartered in Munich, Germany with operations around the world and will be led by its existing management team with Herbert Merz, currently the head of Optical Networks at Nokia Siemens Networks nominated as chief executive officer.
Related existing customer contracts are planned to be transferred. The transaction is expected to close in the first quarter of 2013.
Tags: nokia siemens networks