Ericsson To Buy Stake In LG-Nortel Venture For $242M

Law360, New York (April 21, 2010, 1:10 PM EDT) -- Swedish telecommunications giant Telefonaktiebolaget LM Ericsson is set to acquire Nortel Networks Ltd.’s majority stake in LG-Nortel — a joint venture between LG Electronics Inc. and Nortel — for $242 million, a move it says will help expand its business capabilities in the Korean market.

The new joint venture, which will be named LG-Ericsson and headquartered in Seoul, Korea, is still subject to regulatory approval, Ericsson said Tuesday.

Canada-based Nortel said Ericsson would pay $242 million in cash to acquire its 50 percent plus one share...
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