Nokia reportedly agrees to buy Siemens' stake in joint venture

The Finnish handset maker will pay less than $2.6 billion for the half of Nokia Siemens Networks that it doesn't already own, sources tell Bloomberg.

Nokia has agreed to purchase Siemens' stake in Nokia Siemens Networks, the companies' joint venture, according to a Bloomberg report.

Nokia could announce as early as Monday to purchase Siemens' 50 percent take in the joint venture for less than $2.6 billion, sources told Bloomberg. CNET has contacted Nokia and Bloomberg for comment and will update this report when we learn more.

So far, the joint venture has sold off a unit that provides network equipment for wired networks and exited the market for WiMax, a wireless technology that has struggled to gain as much traction among carriers as 4G LTE.The company -- a joint venture of Finnish handset maker Nokia and Germany's Siemens formed in 2007 -- has struggled for profits in the face of the economic downturn and increasing competition. To improve profitability, the company has begun selling off noncore business units and laying off about a quarter of its workforce.

Nokia Siemens Networks was reportedly in talks last September with various companies to sell of its business support systems, which helps telecommunications companies manage their billing and charging systems.