Ericsson completed its acquisition of Nortel’s majority shareholding (50%+1 share) in LG-Nortel, the joint venture of LG Electronics and Nortel Networks, for $242 million in cash. 
The deal significantly expands Ericsson’s position in Korea, which is one of the 10 largest telecom markets in the world with advanced end-user demand for new services.
The joint venture, which was established in 2005 through the contribution by LG Electronics of its telecommunications systems business and by Nortel of its Korean distribution business, focuses on large scale telecommunications systems such as WCDMA, CDMA and LTE for telecom service providers in Korea as well as enterprise products and services. In 2009, LG-Nortel generated approximately USD 650 million of sales and had 1,300 employees. The joint venture includes important contracts with Korean operators such as KT, LG Telecom and SK Telecom.
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