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NSN Gets $1.36B & New Leader

September 29, 2011 | Ray Le Maistre |

NSN has a new executive chairman, appointed to sort out and drive the vendor's strategy, and a new cash injection of €1 billion (US$1.36 billion) from its parents, Nokia Corp. and Siemens AG.

Jesper Ovesen will oversee the "strategic direction" of the vendor as it "seeks to strengthen its position as a leader in the industry and become a more independent entity." Dare anyone say "IPO"?

We dare. Ovesen was most recently at Danish incumbent operator TDC A/S, where he was CFO during the operator's IPO, so it seems very likely that he'll be looking closely at that option.

What he isn't doing, though, is replacing CEO Rajeev Suri, who retains his post.

The move comes a couple of months after NSN announced it had failed to attract an external investor. At that point NSN announced that its "current shareholders are in the best position to further enhance the value of the company."

Those two shareholders have now pledged €500 million ($683 million) each in fresh capital.

— Ray Le Maistre, International Managing Editor, Light Reading


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