Increases ownership from 50% plus one share, to 75%
Ownership in LG-Ericsson has successfully established Ericsson in the Korean market
Ericsson (NASDAQ:ERIC, news, filings) today announced it has acquired additional shares in LG-Ericsson. Before the purchase, Ericsson held 50% of the shares plus one share. After the share purchase, Ericsson holds 75% of the shares in LG-Ericsson.
LG-Ericsson is a joint venture between LG Electronics and Ericsson in which Ericsson acquired Nortel's part of the company in July 2010. The company provides customized solutions for operators and enterprises with a portfolio of mobile and fixed network infrastructure, telecom services, software, broadband, voice and data network solutions for enterprises.
The company has 1,300 employees and is headquartered in Seoul, Republic of Korea. The joint venture is fully consolidated by Ericsson since the acquisition in 2010.
NOTES TO EDITORS
Press release from April 21, 2010, about Ericsson acquiring Nortel's majority shareholding in LG-Nortel: www.ericsson.com/news/1406030
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