According to a report, Nokia Siemens Network (NSN) is successful in raising more than 1.2 billion euros from a group of 14 U.S. and European banks. Actually amount the group was seeking is 1.5 billion euros, but market turmoil results in settling them to a smaller amount.
The joint group needed the amount to restructure its business and pay costs of a big redundancy. As per Reuters, Nokia Siemens Network has faced aggressive pricing from rivals and an economic downturn that has even forced telecom companies to cut spending.
JPMorgan, Citibank, Bank of America, Royal Bank of Scotland and Standard Chartered are the banks involved in the deal.