Private equity groups KKR and TPG have backed away from bidding for a majority stake in Nokia Siemens Networks, leaving only one interested consortium in the company. The groups dropped out after failing to agree both on price and the level of control over the company, several people close to the situation told the Financial Times. KKR's and TPG's loss of interest came after months of combing through NSN's books and left another private equity duo, the Gores Group and Platinum Equity, as the remaining bidding consortium for the joint venture. Nokia, KKR and TPG all declined to comment on the status of the sales talks, which started last summer. Siemens said: "We continue to be in constructive talks with several interested parties." Under their original agreement, Nokia and Siemens are both tied to NSN until 2013 unless they agree to a change in ownership structure. An initial public offering is viewed as one possible option for the business after the joint venture agreement comes to an end.
