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Swedish telecom equipment provider Ericsson (STO:ERIC B) said it had closed the acquisition of some operations of Guangdong Nortel Telecommunication Equipment Co (GDNT
), aiming to enhance its capabilities in China.
Swedish telecoms equipment maker Ericsson (Nasdaq:ERIC) has completed the asset purchase agreement to acquire certain assets of telecoms equipment manufacturer Guangdong Nortel Telecommunications Equipment Company Ltd (GDNT), the company said on Thursday.
Some 1,000 former GDNT employees, including approximately 550 R&D engineers, will be integrated in to the Ericsson group over the coming months and will work under the Ericsson brand effective from Thursday.
1 December 2010 - Swedish telecoms equipment major Ericsson AB (STO: ERIC B) (NASDAQ: ERIC) said today it will buy certain assets of Chinese firm Guangdong Nortel Telecommunication Equipment Company (GDNT) for USD50m.
GDNT, a joint venture between Canadian bankrupt sector player Nortel Networks and local corporations and telecom operators, acts as Ericcson's supplier following the buys of the CDMA and GSM businesses of Nortel.
The operations, part of this deal, include GDNT's R&D and manufacturing facilities as well as support and customer services in China.
The buyer added that it would integrate some 1,000 former GDNT employees in the coming months.
The GDNT operations, part of the deal, count some 1,100 employees, including 550 R&D engineers, who will all join Ericsson after the deal.
GDNT, a supplier to Ericsson, is a research, development and manufacturing company, created in 1995 as a joint venture of Canadian telecom Nortel and Chinese corporations and telecom operators.
Swedish telecom equipment and solutions provider Ericsson (STO:ERIC B) said it had agreed to buy some operations of Chinese Guangdong Nortel Telecommunication Equipment Company (GDNT
) for USD50m (EUR38.2m) in cash, subject to balance sheet adjustments.