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 Nokia Siemens Networks Received $1.36 Billion Funding
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1 October 2011
Nokia Siemens Networks has recently announced that the company had received $1.36 billion from its two parents, Nokia and Siemens; also the company has appointed Jesper Ovesen as new Executive chairman.
Ovesen is expected to serve in a full-time capacity; he will replace former Nokia CEO Olli-Pekka Kallasvuo, who stepped down from his position as Non-Executive Chairman.
Prior to this new position at NSN, Ovesen worked in a number of executive positions at major European companies: the most recent position was as the CFO of Danish telecoms group TDC.
With the investment in NSN, both parent companies, Nokia and Siemens, will receive preferred stock in Nokia Siemens.
Earlier Nokia and Siemens considered selling the venture to private equity companies that could potentially turn around the company. However, Nokia and Siemens announced in July that they would look for other options.
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