Samsung eyes Nokia’s mobile networks assetsa

• Published On: 29 August 2024 at 18:41

Nokia is considering strategic options for its mobile networks business, with potential suitors including Samsung Electronics, Bloomberg News reported on Thursday.

The Finnish telecom equipment maker is considering several options, including the sale of its mobile networks division, which could be worth up to $10 billion. Other options under consideration include merging the company with a competitor.

This move follows Nokia's announcement last month of a 32% drop in second-quarter operating profit due to lower demand for 5G telecom equipment.

Samsung, the world's largest producer of memory chips, smartphones, and televisions, has expressed an initial interest in acquiring some of Nokia's assets. The South Korean conglomerate is looking to expand its presence in radio access networks, which connect mobile phones to telecom infrastructure. However, discussions remain preliminary, and no agreement has been reached.

Nokia responded to the reports, saying it does not comment on market rumors or speculation. Nokia emphasized its commitment to the success of its Mobile Networks division, describing it as a "highly strategic asset" for both itself and its customers.