BREAKING NEWS

BREAKING NEWS

Ericsson buys antenna and filters business of Germany's Kathrein

Ericsson buys antenna and filters business of Germany's Kathrein
FILE PHOTO: The Ericsson logo is seen at the Ericsson's headquarters in Stockholm, Sweden June 14, 2018. Picture taken June 14, 2018. REUTERS/Olof Swahnberg/File Photo -
@ Copyright :
Olof Swahnberg(Reuters)
Text size Aa Aa

STOCKHOLM (Reuters) - Swedish mobile network equipment maker Ericsson said on Monday it was buying the antenna and filters division of Germany's Kathrein in a move to boost its 5G product portfolio.

Ericsson said the business had sales of around 270 million euros (234.4 million pounds) last year, excluding sales to Ericsson, and around 4,000 staff.

“Strengthening our in-house antenna competence is another important step in our Networks portfolio strategy," Fredrik Jejdling, head of Ericsson Networks, said in a statement.

Ericsson said the two companies had agreed not to disclose the purchase price.

"In addition to broadening Ericsson’s portfolio of antenna and filter products, the acquisition will bring vital competence for the evolution of advanced radio network products," Ericsson said.

Ericsson said it expected to close the deal in the third quarter of this year subject to customary conditions and regulatory approvals.

(Reporting by Johannes Hellstrom; editing by Helena Soderpalm and Jason Neely)

euronews provides breaking news articles from reuters as a service to its readers, but does not edit the articles it publishes. Articles appear on euronews.com for a limited time.