Ericsson acquires Telcordia for $1.15 billion

Ericsson said it will buy 100 per cent of the shares in Telcordia from private equity firms Providence Equity Partners LLC and Warburg Pincus and expects to complete the acquisition in fourth quarter 2011.

Telcordia develops mobile, broadband and enterprise communications software and services. It reported revenues of $739 million during fiscal year, ending January 31, 2011 and employs 2,600 people who will now be transferred to Ericsson. The acquisition is subject to regulatory approvals.