Nokia Siemens Networks has announced it is to sell its WiMAX business to US-based NewNet Communication Technologies.

Financial terms of the deal were not disclosed, but NSN said the complete WiMAX product portfolio, 300 employees and related assets, as well as active customer and supplier contracts would transfer to NewNet.

“We have great confidence in NewNet’s plans to become a major WiMAX infrastructure provider,” said Marc Rouanne, NSN’s head of network systems. “The company has a solid track record in acquiring telecommunication businesses and driving revenue growth.”

The news comes a week after NSN announced it was shedding 17,000 jobs and looking to make €1 billion in savings by the end of 2013.

Last week, European Communications’ sister title Mobile Europe revealed which businesses were getting the axe – they include fixed-line VoIP, broadband access, narrowband, carrier Ethernet, business support systems (BSS) and communications and entertainment solutions.

WiMAX is the second divestiture the Finland-based company has made recently – earlier this month it sold its microwave transport business to US-based vendor DragonWave.