Ericsson to sell iconectiv to Koch Equity Development in $1 bn deal

NEW DELHI: Ericsson has agreed to sell its network services subsidiary iconectiv to Koch Equity Development LLC, the Swedish telecom gear maker said early Saturday.

Ericsson expects cash benefit from the transaction, after the settlement of anticipated taxes, transaction expenses, and other liabilities, to be approximately 10.6 billion Swedish kronor, or about $1 billion.