(MENAFN) Nokia Siemens Networks (NSN) announced that it will sell its optical fiber networks business to Marlin Equity Partners, a Los Angeles California-based private investment firm with more than USD1 billion of capital under management, in a deal expected to complete in 2013's first quarter, reported Reuters.
The Mobile telecoms equipment maker said that 1,900 employees, mostly in Germany and Portugal, will be relocated to the new firm.
NSN is going through a cost-cutting plan that includes discharging a quarter of its staff in addition to selling product lines to concentrate on mobile broadband.
By the end of 2013, the plan is forecasted to result in USD1.3 billion of cost savings.
It is worth noting that NSN posted record profits in the third quarter, driven by sales of equipment for fourth-generation high-speed LTE networks in Japan and Korea.
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