According to foreign media reports, Nokia and Siemens have long been "same bed with different dreams" for their mobile communication network equipment joint venture "Nokia Siemens Networks" (Noxi). The US "Wall Street Journal" quoted informed sources on the 14th that Siemens is in extensive contact with private equity companies , Hoping to sell half of its stake in Noci.
According to reports, the private equity companies Siemens contacted include TPG, Blackstone Group, KKR, etc. Siemens intends to explore the other party's interest in acquisitions.
According to sources, Siemens has considered two options, one is to sell Nokia Siemens Networks as a whole (with the consent of Nokia, a joint venture partner), and the other is to sell half of its equity.
Some analysts pointed out that if Nuoxi is listed independently, its market value will be as high as 9.36 billion US dollars (taking into account the scale of its liabilities), about 7 billion euros.
It should be pointed out that for the joint venture, both Nokia and Siemens are already considering new options. Sources said that Nokia hopes to buy half of the equity from Siemens and become a wholly-owned holding.
The Nokia Siemens joint venture has a six-year history. In April this year, the joint venture entered a critical time point: both Nokia and Siemens can independently dispose of their own equity holdings, and the other party no longer has a veto power.
Earlier this year, Siemens Chief Financial Officer Joe-Kaeser stated that Nokia Siemens is no longer a business that Siemens is interested in holding. "I think in 2013, Siemens will consider helping Nokia Siemens to move to a better place."
Some analysts pointed out that for Nokia, Nokia ’s mobile network equipment has become a valued asset of Nokia due to the rapid collapse of the mobile phone business. Nokia hopes to acquire a stake in Siemens. According to reports, Nokia once negotiated with Finland's sovereign wealth fund Solidium, hoping that the other party will provide financial support for the acquisition of Siemens' equity.
But plans like Nokia face many obstacles. The European Commission will regard Solidium's involvement as a government subsidy for Nokia in Finland.
With the implementation of various cost reduction measures, coupled with the shift of research and development focus to 4G network equipment, Nokia Siemens ’operating conditions and market valuation have improved significantly. Prior to this, Nokia Siemens has laid off a quarter of its employees worldwide, and has also transferred several businesses. In the fourth quarter of last year, Nokia Siemens achieved a profit of 250 million euros, and also achieved a slightly smaller profit in the first quarter of this year.
"The Wall Street Journal" pointed out that if Noxi's equity transaction cannot be reached, Noci may also go public. In a recent research report, Credit Suisse said that Nokia ’s listing is the best option for Nokia. According to the 2014 sales ratio (market value / sales revenue) of 0.6 times, Nokia ’s valuation may reach 7.1 billion euros to 75 100 million euros.
Analysts pointed out that if the shares change hands, Nuoxi's valuation will be much lower than the listing, between 4 billion euros and 5 billion euros.
Guangzhou Ehang Electronic Co., Ltd. , https://www.ehangmobile.com