Report: Motorola in talks with Nokia Siemens
NEW YORK (AP) – Motorola is in talks with Nokia Siemens Networks to sell off its telecommunication equipment business, according to a report citing unnamed sources familiar with the matter.
A Motorola spokeswoman declined to comment Wednesday morning.
The Wall Street Journal said the companies are discussing terms, and citing an unnamed source, said a deal could be worth between $1.1 billion and $1.3 billion.
Schaumburg, Ill.-based Motorola has been trying to turn its business around by focusing on new smartphones such as the popular Droid. It is working to split its cell phone business from the rest of the company.
The unit that Motorola reportedly is in talks to sell makes equipment for telecommunications networks.
Nokia Siemens is a joint venture between Finland's Nokia Corp. and Siemens AG of Germany. The company also declined to comment on the report.
Shares of Motorola rose 31 cents, or 4 percent, to $7.52 in morning trading. American Depositary shares of Nokia slid 3 cents to $8.53.