Nokia Siemans wins US deal
Nokia Siemans Network won an eight-year contract worth over $7 billion which may be the largest order ever placed in the mobile telecoms gear industry.
NSN will build and operate a high-speed wireless network for Harbinger Capital’s new LightSquared venture. This is the day after NSN said they would buy Motorola’s telecom network equipment business for $1.2 billion.
Nokia has been struggling in the North American continent. This deal should boost the market.
The deal is subject to final approval by both the Nokia Siemens Networks and the LightSquared boards.
The new nationwide Long Term Evolution (LTE) network will consist of some 40,000 cellular base stations and cover 92 percent of the U.S. population by 2015. The LightSquared network build-out is expected to create more than 100,000 direct and indirect private sector jobs over the next five years, the company said in a statement. LightSquared named former Orange executive Sanjiv Ahuja as its chairman and chief executive, and said it planned to raise up to $1.75 billion in debt and equity.
Harbinger Capital Partners and affiliates have invested $2.9 billion in the venture.
Posted on July 20, 2010, in Global Biz, Technology and tagged Harbinger, Harbinger capital, Harbinger capital partners, Lightsquared, long term evolution, Nokia, Nokia Siemans, Nokia Siemans Network, NSN. Bookmark the permalink. Leave a comment.