Companies plan to continue cooperation through an Original Equipment Manufacturer agreement
Nokia Siemens Networks and Dasan Networks today announced the signing of a share purchase agreement. Upon completion of the contract, expected to be effective within the next days, Dasan Invest, Dasan TPS, Skylake Ltd, and certain individual Korean investors will acquire all of Nokia Siemens Networks’ shares in Dasan Networks which represent 56.13% of all the shares of the company. With the acquisition completed these Korean investors will hold 60.83% of the shares of the company. The remainder of the shares are held by various shareholders.
Chief Executive Officer of Dasan Networks, Mr. Nam Min Woo, will continue in his role. Dasan Networks was founded by Mr. Nam Min Woo in 1993. Dasan Networks has been supplying broadband access equipment and services to Nokia Siemens Networks.
Commenting on the agreement, Nam Min Woo, Chief Executive Officer of Dasan Networks said: “I am very pleased to have been able to sign this deal having been one of the original company founders. The share purchase agreement will support Dasan Networks’ ambition to act as an independent provider of networking solutions selling its products through direct sales channels in its core markets of Korea and Japan while continuing its close cooperation with Nokia Siemens Networks in other markets.”
“The agreement will clarify our R&D and operations set-up in our business unit, complimenting Nokia Siemens Networks’ strategy of building on 3rd party relations and streamlining its investments to become all the more efficient and a leader in industry profitability,” said Martin Lüst, Head of the Broadband Access business unit at Nokia Siemens Networks. “Nokia Siemens Networks will maintain a solid foothold in Korea, one of the leading and most technologically advanced markets in Asia, and plan to continue close cooperation with Dasan Networks through an Original Equipment Manufacturer- and Original Design Manufacturer agreement. Dasan products will remain part of broadband access solution and product portfolio and this agreement will not lead to changes in terms of customer support and contracts related to Dasan Networks’ portfolio.”
About Nokia Siemens Networks
Nokia Siemens Networks is a leading global enabler of communications services. The company provides a complete, well-balanced product portfolio of mobile and fixed network infrastructure solutions and addresses the growing demand for services with 20,000 service professionals worldwide. Nokia Siemens Networks is one of the largest telecommunications infrastructure companies with operations in 150 countries. The company is headquartered in Espoo, Finland. www.nokiasiemensnetworks.com
About Dasan Networks
DASAN Networks is the largest networks equipment company in Korea. And now there are about 400 employees including 200 engineers. DASAN Networks offers Carrier Ethernet Solution and TPS Solution which is flexible to respond to rapidly changing market conditions and diverse customer requirement. To be the leading network innovator, DASAN Networks will continue to explore and utilize our full potential and core capabilities. The company is located in Bundang, Korea. www.dasannetworks.com