Nokia Siemens Networks (NSN) announced that venture capital group GIMV has agreed to acquire the networking joint venture’s open transport network (OTN) business. The two said they expect the deal to close during the second quarter.

Upon closing, NSN and GIMV will transfer the OTN team of about 80 employees into a newly formed company, which will be majority-owned by GIMV. Along with staff, the transfer includes research and development, manufacturing, sales, technical support, finance and program management functions.

In a statement GIMV said that OTN management and employees will be given the opportunity to participate in establishing the new company.

Financial terms of the transaction were not announced.