Nokia Siemens Selling WiMax Business to NewNet
Nokia Siemens Networks today announced that it is selling its WiMax business to NewNet Communications. Under the terms of the agreement, NewNet will acquire all of NSN's WiMax products, services, employees, and other assets for an undisclosed sum. NewNet provides wired and wireless networking products, and would gain about 300 Chicago-based employees from NSN. The companies expect the deal to close by the end of 2011. Nokia Siemens Networks is looking for ways to reduce costs, and recently announced plans to cut 17,000 employees from its payroll, as well as freeze some business units.