Dasan Buys Back Shares

BUNDANG, Korea and ESPOO, Finland -- Nokia Siemens Networks and Dasan Networks today announced the signing of a share purchase agreement. Upon completion of the contract, expected to be effective within the next days, Dasan Invest, Dasan TPS, Skylake Ltd, and certain individual Korean investors will acquire all of Nokia Siemens Networks’ shares in Dasan Networks which represent 56.13% of all the shares of the company. With the acquisition completed these Korean investors will hold 60.83% of the shares of the company. The remainder of the shares are held by various shareholders.

Chief Executive Officer of Dasan Networks, Mr. Nam Min Woo, will continue in his role. Dasan Networks was founded by Mr. Nam Min Woo in 1993. Dasan Networks has been supplying broadband access equipment and services to Nokia Siemens Networks.

Commenting on the agreement, Nam Win Moo, Chief Executive Officer of Dasan Networks said: “I am very pleased to have been able to sign this deal having been one of the original company founders. The share purchase agreement will support Dasan Networks’ ambition to act as an independent provider of networking solutions selling its products through direct sales channels in its core markets of Korea and Japan while continuing its close cooperation with Nokia Siemens Networks in other markets.”

Nokia Networks