Ericsson expects to pocket a cool SEK10.6 billion ($1 billion) from the sale of number portability and data exchange services subsidiary iconectiv, a US-based unit it arranged to offload to Koch Equity Development.
The sum stated would be booked as a cash benefit and includes settlements of taxes, transaction expenses and other obligations. Ericsson explained it anticipates booking a one-off EBIT gain of around SEK8.8 billion.
Ericsson acquired what would become iconectiv in 2012 when it took over US telecoms R&D company Telcordia. It split ownership of the unit with private equity company Francisco Partners in 2017, but now believes divestment is necessary to enable the business to maintain its “growth trajectory”.
Completion of the sale to Koch Equity Development is expected in H1 2025.
Ericsson noted iconectiv serves more than “5,000 customers across various sectors” with number portability, core network and operations management, and data exchange services. It noted these main business areas have “limited strategic synergies” with the rest of its portfolio.
iconectiv is currently part of Ericsson’s Segment Enterprise unit and contributed around SEK1 billion to net income in 2023.
The post Ericsson sells iconectiv for $1B appeared first on Mobile World Live.
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