European Communications

Last update12:18:06 PM

Ericsson increases shares in joint LG venture

Ericsson has revealed that it has increased its share in LG-Ericsson from 50 percent plus one share to 75 percent.

The Swedish firm has not disclosed how much it has paid for the additional shares in LG-Ericsson, which is a joint venture between LG Electronics and Ericsson.

Ericsson purchased shares in the company which were previously owned by Nortel in July 2010.

The joint venture is said to offer specifically tailored solutions to operators and enterprises, and focuses on a wide range of mobile and fixed network infrastructure, telecoms services, software, broadband, voice and data network solutions.

The organisation has a 1,300-strong workforce and its main headquarters are based in Seoul, South Korea. The joint venture has been fully consolidated by Ericsson since the acquisition in 2010.

Ericsson, meanwhile, is headquartered in the Swedish capital of Stockholm, has more than 100,000 employees and currently operates in 180 countries.