Joint venture Nokia Siemens Networks is about to become a footnote in tech industry. Nokia has announced that it is buying out Siemens.

The $2.2 billion deal was announced mere hours after Bloomberg broke the news. It is still unclear what the “new” company will be called, but one thing is sure - the Siemens name will be dropped. The deal should be closed by the end of the third quarter. Siemens currently has a 50 percent stake in the company.

Nokia boss Stephen Elop said Nokia Siemens Networks has structurally improved its operational and financial performance.

“Nokia Siemens Networks has established a clear leadership position in LTE, which provides an attractive growth opportunity,” he said.

Nokia says will continue to consolidate Nokia Siemens Networks for financial reporting purposes as well as continue to strengthen the company as a more independent entity. It also plans to retain the existing management and governance structure at the company.

The headquarters will remain in Espoo, Finland, but the company will still have a strong presence in Germany.