Nokia sells Optical Networks to Marlin

Nokia Networks has agreed to sell its optical networks business to Marlin as part of a cost reducing plan. The strategic focus of Nokia Oyj's (NOK1V) and Siemens AG's (SIE) phone-equipment venture will be on mobile broadband.

The deal will result in the unit being established as an independent company. A new optical unit will be established by Marlin with financial resources committed to building a strong position in the optical networking market. Up to 1,900 employees are expected to transfer to the new company.

The new optical company will be headquartered in Munich with operations around the world and will be led by its existing management team, with Herbert Merz nominated as chief executive officer.

Los Angeles-based private investment firm Marlin has $1bn of capital under management.

Company
Optical Networks is the optical fibre unit of the NOK1V and SIE joint venture. The company has sold a number of product lines since it last year announced plans to divest non-core assets.

People
Rajeev Suri is the chief executive officer at Nokia Siemens Networks. Nick Kaiser is co-founder and partner at Marlin. Pat DiPietro is an operating partner at Marlin with a specific focus on the telecoms sector.

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