Nokia Siemens Networks, a global enabler of communications services, and GIMV, a Belgian investment firm, plan to conclude an asset sale and transfer agreement pertaining to Nokia Siemens Networks’ entire Open Transport Network team during the second quarter of 2008.
The planned transfer is subject to an information and consultation process with the works council according to local legal practice and final agreement by both companies.
Upon the closing of the transaction, expected to take place in the second quarter of 2008, Nokia Siemens Networks and GIMV will transfer the Open Transport Network (OTN) team of approximately 80 people into a newly formed company owned in majority by GIMV.
OTN management and employees will be given the opportunity to participate in the to-be established company. The planned transfer will include key functions in R&D, manufacturing, sales, technical support, finance as well as product and program management.