Telecom equipment company Ericsson today said it has acquired additional shares in LG-Ericsson taking its holding to 75 per cent.
“Before the purchase,Ericsson held 50 per cent of the shares plus one share. After the share purchase,Ericsson holds 75 per cent of the shares in LG-Ericsson,” Ericsson said in a statement.
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 customised 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.
LG-Ericsson 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.