March 6 (Bloomberg) -- Siemens Enterprise Communications, the business network developer, plans to sell shares in an initial public offering at the end of the year, Reuters reported, citing Chief Executive Officer Hamid Akhavan.
SEN, as the company is known, plans to sell the stock on a U.S. exchange, the newswire cited the executive as saying in an interview. If the stock market deteriorates, the plan may be be postponed or dropped, Reuters reported.
The company is 51 percent owned by the Gores Group LLC and 49 percent by Siemens AG. The shareholders can only sell a minority stake, Reuters cited Akhavan as saying.
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