Ericsson wraps up buyout of GDNT operations in China.
Swedish telecom equipment provider Ericsson (STO:ERIC B) on Thursday said it had closed the acquisition of some operations of Guangdong Nortel Telecommunication Equipment Co (GDNT), aiming to enhance its capabilities in China.
The deal was announced on 1 December 2010, when the buyer said it would pay USD50m (EUR35.3m) for the assets, subject to balance sheet adjustments.
The operations, part of this deal, include GDNT's R&D and manufacturing facilities as well as support and customer services in China. The acquired business will operate as a separate entity within the group under the name Ericsson (Guangdong Shunde) Communications Company Limited effective today, Ericsson said.
The buyer added that it would integrate some 1,000 former GDNT employees in the coming months.
SEB Enskilda advised Ericsson in this deal.Country: , ChinaSector: Telecommunications, Business and Consumer ServicesTarget: GDNT R&D, manufacturing and services operations in ChinaBuyer: Telefonaktiebolaget LM EricssonVendor: Guangdong Nortel Telecommunication Equipment Company LtdDeal size in USD: 50mType: Corporate acquisitionStatus: ClosedBuyer advisor: SEB Enskilda
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|Publication:||M & A Navigator|
|Date:||May 12, 2011|
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