Nokia Siemens Networks said has finalised the sale of OTN its (Open Transport Network) business to the Belgian investment company GIMV.
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.
The Nokia Siemens Networks OTN team of approximately 80 people, will officially transfer to a newly formed company named OTN Systems N.V., which is owned in majority by GIMV.
This includes key functions in R&D, manufacturing, sales, technical support, finance as well as Pproduct and program 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.