A prominent joint venture once shared by Nokia (NYSE:NOK) is now entirely in possession of the Finnish telecom. The company announced that it has completed the acquisition of Siemens' (NASDAQOTH:SIEGY) stake in Nokia Siemens Networks. Accordingly, the unit has been renamed Nokia Solutions and Networks, allowing the company to maintain the NSN initials.

Nokia is keeping the division's leaders in place. Rajeev Suri continues to be its CEO, while Jesper Ovesen remains executive chairman. The composition of the board, however, has been "adjusted to the new ownership structure as the Siemens-appointed directors have resigned."

Last month, both Nokia and Siemens revealed that they reached an agreement for the former company to buy the latter's 50% stake in the joint venture. The total sale price was $2.23 billion.