Zone Gadget

Nokia today announced that the company is in negotiations to divest its Automotive Business to the former head of Nokia's Enhancements unit and the Automotive Business, and Equity Partners GmbH.

Equity Partners is a Private Equity Firm based in Düsseldorf with EUR 1,1 bn Assets under management that invests into companies in Germany and Private Equity Funds globally. The firm invests into promising lower mid-market businesses (Mittelstand) in Germany, generally partnering with the management of the firm. Following a long-term strategy Equity Partners supports their companies to stay or become the leader in their respective markets.

If the negotiations are successful, the transaction will enable employment for the personnel in the current Automotive entity at the new company. Nokia will start consultations with the works council about the transfer of the Automotive Business including the transfer of the affected employees to the new company.

The parties anticipate that the deal could be closed during the first half of 2008. Closing of the transaction will depend on the parties ability to successfully conclude the negotiations, the outcome of the works council consultations, and satisfaction of customary closing conditions, including regulatory approvals.