Ericsson ups stake in S Korean joint venture

Last Updated: Thu, Mar 22, 2012 11:45 hrs

Swedish telecoms equipment group LM Ericsson AB says it has significantly increased its stake in the South Korean joint venture LG-Ericsson from 50 percent to 75 percent.

The value of Thursday's deal was not disclosed.

Stockholm-headquartered Ericsson entered the joint venture with LG Electronics Inc. in July 2010, buying out rival telecoms equipment group Nortel Networks Corp., in a bid to expand into the South Korean market.

LG-Ericsson makes fixed and mobile networks and provides telecom and broadband services. It has 1,300 employees and is based in Seoul.

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