Shearman & Sterling and Slaughter and May have won roles on Nokia’s €1.7bn (£1.5bn) acquisition of Siemens’ 50 per cent stake in Nokia Siemens Networks (NSN).
The purchase price is comprised of €1.2bn in cash and €0.5bn in the form of a secured loan from Siemens due one year after the close of the transaction, which is expected to fall during the third quarter of 2013.
The announcement came as NSN’s new general counsel, Maria Varsellona, stepped into her role on 1 July. The former legal head at Tetra Pak has also served in senior counsel roles at General Electric and rental car company Hertz.
The acquisition by Nokia is a move to broaden its range of strategic options as it attempts to revive its struggling handset business. The Siemens name will be phased out from NSN’s company branding, with its new name to be announced at the closing of the transaction.
Shearman London corporate partner Jeremy Kutner led for Nokia as part of a global team including corporate partners Peter Lyons, Scott Petepiece and Samuel Waxman, plus of counsel Andreas Lohdefink and associate Zhak Cohen. Finance advisers included partners Mei Lian and Clifford Atkins and associate Philip Stopford. Capital markets law was dealt with by partner Jacques McChesney, of counsel Pam Gibson and counsel David Dixter.
Partner Matthew Readings and associate George Milton worked on the antitrust side. Partner Iain Scoon worked with counsel Simon Letherman on tax, while partner Dorren Lilienfeld dealt with compensation matters.
Slaughters advised Siemens, with corporate partner Tim Boxell leading, assisted by partner Peter Jolliffe and associate Sally Wokes.
Background to this deal:
Nokia is a longstanding client of Shearman, which advised on its initial €16bn agreement with Siemens creating NSN in 2007.