JP Morgan this week emerged as the sole adviser to Nokia on its transformative €1.7bn buy-out of Siemens' stake in a mobile broadband joint venture, a deal cheered by shareholders in both parties.

Nokia announced on Monday that it had agreed a deal to acquire Siemens' entire 50% stake in joint venture Nokia Siemens Networks in a $2.2bn deal. The deal is expected to close during the third quarter, according to a statement from NSN.