Nokia Siemens buys Motorola Gear business for $1.2Billion - Equipment Business

Nokia Siemens Telecom equipment vendor said on Monday  to get sronger foothold in North American and Japanese markets it agreed to pay $1.2 billion for the top U.S - based Motorola Inc.'s Network equipment Business
Nokia Siemens is a joint venture of Finland Nokia Corporation (NOK) and Germany's Siemens(SI).
Nokia Siemens acquisition primarily to inscrease its position US and Japan markets to gain new customers
In a joint statement, the companies said they expect  all-cash deal to close by the end of 2010.
This deal results in, Nokia Siemens expects to become largest foreign wireless gear vendor in Japan and 3rd largest in the US. It adds more strength to its number 2 position in the Global infrastructure.
Shares of Motorola expects to rose from 1.3% to $7.50
"I think this is fantastic news," Motorola Co-CEO Greg Brown told Dow Jones Newswires. "It's unlocking value for the separation and enabling a pure-play worldwide leading enterprise business."