Nokia and Siemens have rejected offers from private equity companies to invest in their joint venture Nokia Siemens Networks. The two partners said in a joint statement that they have completed a review of offers and have decided to continue the shareholding structure as is. Rumours of a possible sale by one or both partners have circulated for at least a year, and the company earlier confirmed talks with possible investors. The latest reports suggested that consortia of Gores Group and Platinum Equity as well as Kohlberg Kravis Roberts & Co and TPG Capital had abandoned talks with the company for unspecified reasons. While NSN has persistently been in the red since its creation in 2007, the shareholders said it had "made good progress in its turnaround plan". NSN reported a third consecutive quarter of sales growth improvement in Q1, and has also been profitable at the adjusted operating level for five quarters since announcing a turnaround plan in November 2009. Nokia Siemens Networks will take further steps to "improve the competitiveness of the company as a standalone entity", the shareholders said without providing details. While both Nokia and Siemens reaffirmed their commitment to NSN, they did not say whether this would extend to providing an additional cash injection in the network equipment maker.
