NSN wastes no time in implementing non-core asset sale strategy

NewNet Communication Technologies, a Skyview Capital portfolio company, announced today that it plans to acquire the former Motorola Solutions’ WiMAX business from Nokia Siemens Networks (NSN). Under the terms of the agreement, NewNet would acquire the complete WiMAX product portfolio, the related employees and assets, as well as active customer and supplier contracts. Approximately 300 NSN employees would transfer to NewNet. The companies expect to close before December 31, 2011.

As a part of the transaction the companies expect to transition approximately 300 globally deployed NSN employees to NewNet. Many of these employees are based in Chicago and Hangzhou, China.

Specific terms of the transaction were not disclosed.