Belgium: Contract finalized between GIMV and Nokia Siemens Networks for sale of OTN (Open Transport Network) business
Sale finalized and Open Transport Network start as an independent business as of July 1, 2008
Nokia Siemens Networks, one of the worlds foremost global enablers of communications services, and GIMV, the leading Belgian investment company specialising in private equity and venture capi-tal, have concluded the asset sale and transfer agreement pertaining to Nokia Siemens Networks’ entire Open Transport Network (OTN) team. The transfer has been approved and has undergone approval with the works council according to local legal practice and final agreement has been signed by both companies.
As of July 1, the Nokia Siemens Networks OTN team of approximately 80 people, will officially transfer to a newly formed company named OTN Systems N.V. with registered offices at Atealaan 34, 2200 Herentals, Belgium . OTN Systems N.V. is owned in majority by GIMV. This includes key functions in R&D, Manufacturing, Sales, Technical Support, Finance as well as Product and Pro-gram Management. In addition, Nokia Siemens Networks would continue to sell OTN products through direct channels and open up its Value Added Reseller network to OTN.
“I would like to thank OTN employees for the work that they have done for our company. The proven expertise and market success is a solid foundation for their future success. This expertise convinced GIMV to take the OTN business further to build and expanding on your strengths,” said Karl Friedrich, Head of Business Line Next Gen Metro, Nokia Siemens Networks. “I would like to wish OTN Systems N.V. and GIMV the best of success for this new endeavour.”
Nokia Siemens Networks, one of the worlds foremost global enablers of communications services, and GIMV, the leading Belgian investment company specialising in private equity and venture capi-tal, have concluded the asset sale and transfer agreement pertaining to Nokia Siemens Networks’ entire Open Transport Network (OTN) team. The transfer has been approved and has undergone approval with the works council according to local legal practice and final agreement has been signed by both companies.
As of July 1, the Nokia Siemens Networks OTN team of approximately 80 people, will officially transfer to a newly formed company named OTN Systems N.V. with registered offices at Atealaan 34, 2200 Herentals, Belgium . OTN Systems N.V. is owned in majority by GIMV. This includes key functions in R&D, Manufacturing, Sales, Technical Support, Finance as well as Product and Pro-gram Management. In addition, Nokia Siemens Networks would continue to sell OTN products through direct channels and open up its Value Added Reseller network to OTN.
“I would like to thank OTN employees for the work that they have done for our company. The proven expertise and market success is a solid foundation for their future success. This expertise convinced GIMV to take the OTN business further to build and expanding on your strengths,” said Karl Friedrich, Head of Business Line Next Gen Metro, Nokia Siemens Networks. “I would like to wish OTN Systems N.V. and GIMV the best of success for this new endeavour.”
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