Nokia Siemens wins $7 billion Harbinger deal

Harbinger Capital Partners, the New York-based hedge fund founded by Philip Falcone, has awarded a $7 billion contract to Nokia Siemens Networks to build a high-speed mobile phone network in the US.

The new network, to be called LightSquared, will launch in the second half of next year and is aiming to provide near-ubiquitous coverage. The infrastructure will combine an orthodox mobile network with a satellite-based phone and data service.