The deal, announced on Monday (1 July) was concluded in the third quarter of 2013.
"Nokia Siemens Networks will become a wholly owned subsidiary of Nokia", both companies said in the statement.
Siemens' decision to sell its stake comes as part of a strategic repositioning in the market. The NSN deal will allow Nokia, which has been subject to speculation it could be up for sale, to take full control of its most profitable business.
Once the star performer on the Helsinki stock exchange, Nokia has seen its market value plunge 30% in the past two years.
The firm reported a net loss in seven of the past eight quarters amid fierce competition from Apple's high-end iPhone and Samsung's Galaxy.
The NSN joint venture, which specialises in high-speed mobile broadband, was set up in 2007 and the partnership agreement expired in April.
Nokia said NSN would retain its headquarters in Espoo, Finland and press on with its restructuring plan, which includes the closure of 16 sites in Germany, shedding 1,000 jobs.
The buy-out will see Siemens receiving €1.2bn in cash. The remaining €500m will be paid through a secured loan from Siemens due a year from closing.
Nokia said it had obtained bank financing for the cash portion due on this transaction.
Source: AFP via I-Net Bridge
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