(Telecompaper) Nokia has entered into a definitive agreement to pay EUR 1.7 billion to buy Siemens' 50 percent of mobile network equipment joint venture Nokia Siemens Networks. The transaction includes EUR 500 million borrowed from Siemens, to be paid back a year after completion. The operation has been approved by the two companies' boards and is expected to close before the end of September. Nokia plans to keep existing management and will announce the subsidiary's new name at closing. Siemens will continue to concentrate on its core areas, which no longer include telecom.