The market for carrier Ethernet solutions is about to get a little more crowded thanks to a new joint venture from Juniper Networks and Nokia-Siemens Networks (NSN).

The pair's joint venture, officially named "Carrier Ethernet Solutions," today received regulatory approval after having first been revealed in June. With the new company, the two networking giants aim to meld hardware and software from both partners into a joint solution for carrier networks.

Juniper Networks (NASDAQ: JNPR) owns 60 percent of the joint venture company, while 40 percent will be owned by NSN.

The effort comes at a critical time for carrier Ethernet as service providers around the world work to meet the growing demands for bandwidth and lower costs amid an economic recession.

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