Ericsson reaches US$1bil deal to sell US company to Koch unit

FILE PHOTO: Ericsson logo is displayed on the company's headquarters building in Stockholm, Sweden, January 23, 2024. TT News Agency/Henrik Montgomery via REUTERS/File Photo

STOCKHOLM: Swedish telecom-equipment maker Ericsson AB reached a US$1bil deal to sell its US call-routing business Iconectiv to a private investment arm of Koch Industries Inc.

Ericsson expects to get about 10.6 billion kronor (US$1bil) in cash after taxes, transaction expenses and other liabilities as part of the takeover by Koch Equity Development, the company said in a statement last Friday.