Tuesday, April 5, 2005
Nokia said it will sell its mobile radio business to European Aeronautic Defence & Space Co. in a deal valued at more than 90 million euros ($116 million).
EADS, which has a majority holding in airplane maker Airbus, said the acquisition of Nokia's professional mobile radio business, which includes infrastructure and terminals based on the Tetra digital radio standard, will enhance its position in homeland security systems and secure wireless communications.
EADS said it believes the global market potential in security systems could grow to more than 10 billion euros ($13 billion) within the next five years.
The deal is subject to approval by regulators, but is expected to be completed by the end of the year. It includes transferring 325 employees from Nokia to EADS, the Finnish company said.
By: DocMemory
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