Nokia/Siemens Telecom Network Equipment Venture Wins Antitrust Clearance

December 4, 2006

Cleary Gottlieb recently obtained EU and U.S. antitrust approval for the formation of Nokia Siemens Networks, which will combine Nokia Corporation’s and Siemens AG’s global mobile and fixed-line telecom network equipment businesses. Based on 2005 pro forma revenues, Nokia Siemens Networks will have a turnover of approximately €15 billion.

The deal brings together the global #2 and #3 mobile and fixed-line telecom network equipment providers in an industry that has undergone significant recent consolidation. Cleary Gottlieb continues to represent both Nokia and Siemens in obtaining antitrust approvals in a further 15 jurisdictions worldwide.