Nokia and Siemens have equal share in the joint Nokia Siemens Networks telecom equipment business, and Nokia wants to buy the 50 percent share from Siemens.

Nokia is planning to buy the 50 percent share owned by its partner Siemens, in the joint Nokia Siemens Networks telecom equipment business. Nokia has officially given out the purchase price in a press release, which totals to €1.7 billion and is now waiting for the regulatory approval.

Finally, the deal between Nokia and Siemens is about to get finalized. Nokia and Siemens have an equal share in the joint Nokia Siemens Networks telecom equipment business, and Nokia wants to buy the 50 percent share from its German partner Siemens. An earlier report from the WSJ said that the deal will be sealed for €1.7 billion or USD $2.21 billion. Now it’s official, as Nokia confirmed the final amount to be €1.7 billion. Now Nokia has to wait for the deal to get regulatory approval, after which the paperwork can be done with and the deal will can be closed for good.

After buying Siemen’s share, Nokia will be the sole owner of the Nokia Siemens Networks telecom equipment business and will be able to start making new plans in order to make money out of the huge investment. Nokia has been in the smartphone business for a long time, and thanks to the company’s Lumia series of smartphones, it has been one of the high rollers of the smartphone market.

This doesn’t mean that the company always makes good profit, using which it decided to buy Siemen’s share. In fact, Nokia has suffered a $196 million loss in the last quarter, and hence plans to invest in other segments and businesses that are more profitable. After getting the regulatory approval, Nokia will be able to do so, as it’ll become in-charge of the Nokia Siemens Networks business.

This deal between Nokia and Siemens is expected to be closed in the third quarter of the year 2013.

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