AIRLINK 171.47 Decreased By ▼ -4.26 (-2.42%)
BOP 13.20 Increased By ▲ 0.08 (0.61%)
CNERGY 7.41 Decreased By ▼ -0.13 (-1.72%)
FCCL 43.27 Decreased By ▼ -0.64 (-1.46%)
FFL 14.90 Decreased By ▼ -0.11 (-0.73%)
FLYNG 26.46 Decreased By ▼ -0.44 (-1.64%)
HUBC 129.98 Decreased By ▼ -0.25 (-0.19%)
HUMNL 13.22 Decreased By ▼ -0.12 (-0.9%)
KEL 4.44 Decreased By ▼ -0.06 (-1.33%)
KOSM 6.04 Decreased By ▼ -0.02 (-0.33%)
MLCF 54.93 Decreased By ▼ -1.10 (-1.96%)
OGDC 211.03 Decreased By ▼ -3.74 (-1.74%)
PACE 5.95 Decreased By ▼ -0.03 (-0.5%)
PAEL 41.00 Increased By ▲ 0.10 (0.24%)
PIAHCLA 16.21 Decreased By ▼ -0.11 (-0.67%)
PIBTL 9.57 Decreased By ▼ -0.18 (-1.85%)
POWER 11.58 Decreased By ▼ -0.18 (-1.53%)
PPL 177.51 Decreased By ▼ -3.97 (-2.19%)
PRL 33.17 Decreased By ▼ -1.05 (-3.07%)
PTC 22.75 Decreased By ▼ -0.31 (-1.34%)
SEARL 93.70 Decreased By ▼ -2.02 (-2.11%)
SILK 1.18 Increased By ▲ 0.04 (3.51%)
SSGC 34.67 Decreased By ▼ -0.78 (-2.2%)
SYM 15.66 Decreased By ▼ -0.09 (-0.57%)
TELE 7.79 Decreased By ▼ -0.08 (-1.02%)
TPLP 10.90 Decreased By ▼ -0.08 (-0.73%)
TRG 60.60 Increased By ▲ 0.10 (0.17%)
WAVESAPP 10.70 Decreased By ▼ -0.11 (-1.02%)
WTL 1.33 Decreased By ▼ -0.02 (-1.48%)
YOUW 3.78 Increased By ▲ 0.01 (0.27%)
BR100 12,042 Decreased By -11.4 (-0.09%)
BR30 36,310 Decreased By -157.1 (-0.43%)
KSE100 113,651 Decreased By -705.8 (-0.62%)
KSE30 35,020 Decreased By -326.9 (-0.92%)

STOCKHOLM: Ericsson said Monday it was acquiring US cloud-based communications provider Vonage, in the Swedish company's biggest acquisition in recent memory as it widens its operations beyond its traditional telecommunications equipment business.

The 6.2 billion (5.5 billion euros) deal is part of Ericsson's strategy to expand its presence in wireless enterprise and broaden its global offerings, the company said.

The offer was unanimously approved by Vonage's board of directors, it said.

Ericsson is among the world's biggest telecom equipment makers, battling China's Huawei and Finland's Nokia in fields such as 5G networks.

At 21 dollars per share, the offer represents a 28-percent premium over Vonage's closing price on the tech-heavy Nasdaq stock exchange on Friday.

Founded in 2001, Vonage offers IP voice telephony and has in recent years developed a cloud-based communications platform.

The company has 120,000 customers, allowing one million developers access to its API interface which accounts for 80 percent of its annual sales of $1.4 billion.

Comments

Comments are closed.