Nokia Siemens Networks coming up empty in search for new partner

Nokia Siemens Networks effort to find a new partner or group of partners in an expanded joint venture have reportedly stalled.
The news runs against the company’s impressive spate of wins in the North American market — notably its $1.2 billion purchase of Motorola Inc.’s network business and a deal to build Harbinger Capital Partners’ LTE network over an eight-year span valued at $7 billion.
Despite all that momentum, Nokia Corp. and Siemens haven’t made any progress in their search for a deal with a group of private equity firms, according to Reuters. Nokia, which is being advised by Bank of America, and Siemens under the advisement of Morgan Stanley are still not in agreement on a possible price tag either.
The two companies originally invited four or five potential private equity firms to the process in August, but nothing has gone beyond the exploratory stage, Reuters added.
Nokia Siemens has reported a boost in activity of late, following about two years of decline, but still closed its most recent quarter in the red.
The company’s been hit particularly hard by the poor economic climate and tightened credit situation that struck just a couple years after Nokia and Siemens inked a six-year deal for the joint venture.