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Ericsson's acquisition of key assets of Marconi completed
All conditions for Ericsson to acquire key assets of Marconi Corporation plc's telecommunications business have been fulfilled and the transaction was completed yesterday (January 23).
On October 25, 2005 Ericsson announced that it had reached an agreement with Marconi to acquire parts of Marconi's telecommunications business that are strategically important to Ericsson. The acquisition strengthens Ericsson's position in the accelerating transmission segments and expands Ericsson's platform for leadership in next generation converging networks.
Carl-Henric Svanberg, President and CEO of Ericsson, said: "The Marconi businesses are an excellent fit for Ericsson and we are delighted to welcome about 6,660 Marconi employees to Ericsson. This is a powerful combination that will bring value to Ericsson as well as our customers who will substantially benefit from the combination of the two companies."
The acquisition is effective as per January 1, 2006 and the acquired businesses are to be consolidated into Ericsson's accounts starting with the first quarter of 2006.
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