Ericsson to buy Cradlepoint for $1.1B

Friday, 18. September 2020 08:33

Ericsson announced on Friday it reached an agreement to acquire Cradlepoint for $1.1 billion in an effort to expand its presence in 5G Enterprise space.

The US-based Wireless Edge WAN 4G and 5G Enterprise solutions provider will become Ericsson's fully owned subsidiary with headquarters in Boise, Idaho. The transactions is expected to close in the fourth quarter of 2020.

"Portfolio-near acquisitions are an integral part of our earlier communicated strategy. The acquisition of Cradlepoint complements our existing offerings and is key to our strategy of helping customers grow the value of their 5G network investments," Ericsson CEO Borje Ekholm stated.

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Breaking the News / NP