Nokia Siemens to Pay $1.2 Billion for Motorola Unit

Nokia Siemens Networks, the world’s second-largest maker of wireless phone systems, said it will pay $1.2 billion to buy wireless network assets from Motorola Inc. to expand in North America and Japan.

The joint venture of Nokia Oyj and Siemens AG will gain or expand access to more than 50 customers, it said in a statement today. Nokia Siemens said it will pay for the assets, which don’t include any debt, with cash and a credit facility it secured last year. The deal excludes $150 million in accounts receivable, cash and some other assets Motorola will keep.