Motorola announces that it has struck a deal worth $1.2 billion with Nokia Siemens Network for its wireless network equipment unit. The acquisition will provide Nokia Siemens with about 50 new customers. The two companies share a few customers such as China Mobile, Vodafone, Verizon Wireless, Sprint and Clearwire.

With the purchase, Nokia Siemens acquired Motorola's manufacturing operations for all major wireless systems, which includes GSM (Global System for Mobile Communications), CDMA (Code-Division Multiple Access), WCDMA (Wideband Code-Division Multiple Access), WiMax and LTE (Long-Term Evolution). Motorola, on the other hand, will retain the rights to its iDEN trunked wireless system and its wireless patent portfolio.

When the deal is finalized, the companies say that around 7,500 Motorola employees will join Nokia Siemens Networks. If the companies manage to get the necessary regulatory approvals, the deal is expected to happen by the end of the year.

Motorola is preparing for a sell-off. It has recently created Motorola Mobility, a subsidiary for its mobile phone unit and home networking business.