German industrial conglomerate Siemens is seeking offers from private equity firms to buy its stake in its telecoms equipment joint venture Nokia Siemens Networks (NSN), sources told Reuters.
(Reuters) – German industrial conglomerate Siemens is seeking offers from private equity firms to buy its stake in its telecoms equipment joint venture Nokia Siemens Networks (NSN), three sources familiar with the discussions said on Tuesday.
Siemens, together with its partner Nokia is reviving efforts to find a buyer and has approached private equity companies TPG, KKR and Blackstone, the sources said.
Nokia and Siemens have been looking to exit the joint venture company through a buyout or public offering.
Nokia and Siemens declined to comment, as did the private equity companies.
NSN has shown signs of a turnaround in recent quarters, helped by a massive restructuring drive last year that cut around 20,500 out of 74,000 jobs.
Siemens is again taking the initiative to woo potential investors with a progress report on the unit’s performance, the sources said.
Siemens has made previous efforts to sell the unit to private equity firms, but potential investors have been put off by different expectations on price.
In April a founding six-year pact binding Siemens and Nokia in Nokia Siemens Networks expired with sources saying at the time there was no sale in sight for at least the next few months.
German newspaper Boersen-Zeitung said on Tuesday that Siemens had revived its efforts to sell its stake.