Nokia has completed the €1.7 billion ($2.2 billion) buyout of Siemen’s 50% share of joint venture Nokia Siemens Networks and took the opportunity to give the company a new name. Much like the old name, the new moniker of Nokia Solutions and Networks also shortens to NSN, so one could be forgiven for not noticing the change. In fact, Nokia stressed that, despite the acquisition, business will continue as usual.
In the spirit of non-change, Rajeev Suri remains as CEO and Jesper Ovesen continues as executive chairman of the board, though the Siemens-appointed board members have resigned and been replaced. “While our name and brand have changed, I would like to emphasize that our overall strategy and our focus on mobile broadband remain the same,” Suri said in a statement.
The promise of maintaining the status quo may not be so reassuring given that Nokia has been struggling to recover from continued losses. However, NSN is attempting to position itself as an independent entity and pointed to its own financials which have steadily improved over the last year. The most recent quarter saw NSN generate an operating profit of around €8 million ($10.5 million), compared with a loss of €227 million ($300 million) one year ago.