Nokia Siemens has arranged to sell its Wimax business, marking the first of an expected series of divestments under the vendor's streamlining plans.
US-headquartered mobile service platform vendor NewNet Communications has announced it will purchase NSN's complete Wimax product portfolio, as well as assets and customers.
The financial terms of the transaction have not been disclosed. The deal is expected to close by the end of the year.
As part of the deal, NSN will transfer around 300 of its employees to NewNet. NSN plans to reduce its workforce by 17,000 jobs as part of streamlining efforts aimed at achieving €1 billion ($1.33 billion) in cost savings.
CEO Rajeev Suri recently acknowledged that the vendor has been burning through cash too quickly, and can no longer expect any more funding injections from parent companies Nokia and Siemens.
Research firm Ovum expects NSN to look to sell off all its remaining assets outside of its core mobile internet and services fields.