Nokia and Siemens initially invited 4 or 5 potential private equity buyers into the process three months ago, but conversations are still considered to be exploratory, the sources added.
Any deal has been expected to be worth around US$1 billion, and could lead to a stock market listing for the company in 2013.
The existing deal between Nokia and Siemens expires in 2013, when the two companies would have to renegotiate their agreement. The introduction of additional shareholders would almost certainly require the renegotiation of the existing agreement. Private equity firms also tend to look at the exit strategy, suggesting that the company could either be floated onto the stock markets or sold in a trade sale.
Rajeev Suri, NSN's chief executive, recently confirmed that private equity investment could give the business "greater strength and flexibility," but said fresh capital was not essential. "We're not just looking for financial investment but also for new ideas," he said.
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