Nokia Siemens Scores Massive Funding
Nokia Siemens Networks has received approximately $1.56 billion in new funding from a collection of European and U.S. banks. Citing a source familiar with Nokia Siemens' plans, Reuters reports that the company sought $1.96 billion in funding, but had to settle for the lesser amount due to current market conditions. Parent companies Nokia and Siemens last year said they would no longer contribute funding to the joint venture, which announced job cuts of 17,000 in November. Nokia Siemens has struggled to compete with rival networking gear makers.