Swedish equipment manufacturer Ericsson announced yesterday that it has completed an asset purchase agreement to buy assets from Guangdong Nortel Telecommunications Equipment Company (GDNT). SEB Enskilda acted as adviser to Ericsson, but no price was…
Swedish equipment manufacturer Ericsson announced yesterday that it has completed an asset purchase agreement to buy assets from Guangdong Nortel Telecommunications Equipment Company (GDNT). SEB Enskilda acted as adviser to Ericsson, but no price was disclosed for the deal, initially announced 1 December.
Ericsson said the deal, aimed at boosting its CDMA and GSM business, would gain it R&D engineers, manufacturing and services professionals, as well as manufacturing and research facilities in China.
“With these new assets, we can even better support our customers globally,” said Rima Qureshi, Senior Vice President and Head of Business Unit CDMA Mobile Systems. “Our new and agile employees complement the existing R&D, manufacturing and services capabilities of our business.”
Mats H Olsson, President of Ericsson China & North East Asia said: “The completion of this acquisition reaffirms our strong commitment to the China market, while greatly enhancing our existing R&D, manufacturing and services capabilities in the region.”
The deal includes around 1,000 employees, including approximately 550 R&D engineers, who will be part of a new company called Ericsson (Guangdong Shunde) Communications Company Limited.
