Nokia and Siemens to Merge Telecommunications Arms

Further fueling the consolidation in the telecommunications equipment and technology market, two giants in the business are merging their respective telecom gear businesses — Nokia and Siemens will merge into a single company, according to the Wall Street Journal. In a deal valued at €25 billion ($31.5 billion), Finnish Nokia and German Siemens will combine their telecommunications businesses in a new company to be headquartered in Finland and run by Nokia’s executive Simon Beresford-Wylie.