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Spotlight: Gores and Siemens Complete Transaction Creating Joint Venture - James R. O'Neill appointed as the new CEO
Siemens AG and The Gores Group, a U.S.-based private equity firm both known for their operating expertise, have completed a joint venture transaction in which Gores acquired a 51 percent stake in Siemens Enterprise Communications. Siemens will maintain a 49 percent ownership interest in the joint venture. The joint venture will start operations on October 1, 2008. James R. O’Neill, a 30-year technology industry veteran, has been appointed as the new Chief Executive Officer of the joint venture, also as of October 1, 2008.
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