Nokia has paid €1.7 billion to acquire full ownership of the shared joint Nokia Siemens Networks venture.

The deal will see the Finish based Telecommunications giant acquire Siemens 50 percent stake if the move receives approval from regulatory authorities, having already been approved by both companies’ boards.

Much of the infrastructure employed by the network will remain in place, with the operational headquarters remaining in Finland while the main hub will stay in Munich.

Nokia has suffered significantly in recent years, as the company faces stiff competition with companies such as Samsung, Blackberry and Apple. Sales have fallen 20 percent year-on-year, with an overall net loss €272 million.

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