Nokia announced that its company will be fully acquiring Siemens’ 50% ownership of Nokia. The acquisition cost EUR 1.7 billion which is around $2.2 Billion US. The name Nokia Siemens will now become just a subsidiary of Nokia’s brand. Nokia CEO and President Stephen Elop commented on the work the Networks team has done. He said,”With its clear strategic focus and strong leadership team, Nokia Siemens Networks has structurally improved its operational and financial performance.” He continued, “Furthermore, Nokia Siemens Networks has established a clear leadership position in LTE, which provides an attractive growth opportunity.” The company doesn’t plan to layoff any workers and wants to continue with it’s LTE advancement.