GERMANY - Arques acquires Siemens mobile phone business

The deal is forecast to close in October this year. SHC employs 2100 people and reported a turnover of EUR 792m last year. Arques has obtained the right to use the Siemens brand for the next two years.

The Siemens group is slowly divesting its telecommunication activities. Earlier this week Munich’s unit announced the sale of SEN, its division specialising in business telecom systems, to the Gores Group.

The transaction is part of Siemens restructuring taking place under the new president Peter Löscher, and follows news of a corruption scandal surrounding the group.

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