Adtran to buy Nokia Siemens broadband access business
US networking equipment company Adtran said on Monday it planned to buy Finnish-German Nokia Siemens Networks (NSN)'s fixed line broadband access business, entailing the transfer of about 400 NSN employees to Adtran.
Adtran said in a statement it would buy the broadband access business, along with the accompanying intellectual properties and technologies, through an "asset sale and purchase agreement," but did not reveal the price tag.
"As part of this planned transaction, up to approximately 400 people, including engineering, R&D, sales and professional services employees, are expected to transfer to Adran globally," the statement said, adding that the deal was expected to close by the end of April, 2012.
"We believe that this planned divestment would provide our existing fixed broadband access customers with a continuous high-quality service," Marc Rouanne, who heads NSN's mobile broadband unit said in the statement.
"The planned sale is in line with our new strategy to increase our focus on the mobile broadband and services market," he pointed out.
Last month, the Finnish-German telecom equipment maker announced a restructuring plan entailing 17,000 job cuts by the end of 2013.
© 2011 AFP