Ericsson ups stake in S Korean joint venture
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.