Siemens announces Unisphere flotation

NEWS Siemens has confirmed it is to float its US internet arm on the US stock market. The recently formed company, named Unisphere, is expected to be valued at $150m when it floats. Unisphere was born following Siemens' acquisition of Argon, Castle and Redstone in spring last year. To date, Siemens has ploughed more than $1bn in setting up the company but claimed it would not invest any more funds once Unisphere had floated. However, Siemens will remain the main shareholder and distributor of its high-speed internet connection products.