People & Money

Ericsson acquires Vonage for £5.2bn

Telecommunications company Ericsson has completed its $6.2bn (£5.2bn) acquisition of American cloud communications company Vonage.

Vonage is now a wholly-owned subsidiary of Ericsson and will become a separate business area within Ericsson. Vonage common stock has stopped trading and will not be listed on the Nasdaq Global Select Market now.

Also Read: Government Should Acquire Higher Stakes In Private Refineries to ensure stability – Minister said

Vonage will still operate under its current name and brand, as part of Ericsson.

Current Vonage CEO Rory Read will be Senior Vice President and Head of Business Area Global Communications Platform as well as a member of the company’s Executive Team.

The acquisition was funded with cash on hand.

Also Read: Standard Bank Gets Global Award for SME Support Amid Covid

Rory Read said, “Vonage was born out of innovation and is today a global leader in business cloud communications. This partnership will strengthen our offerings to businesses across the globe by leveraging Ericsson’s leadership in 5G, global market presence and strong R&D capabilities.”

Börje Ekholm, President and CEO of the company, said, “We are excited to welcome Vonage as part of Ericsson.”

Also Read: Stripe to Acquire Paystack in Deal Reportedly Worth $200m

‘This article was culled from cityam.com

Related Articles

Back to top button

Subscribe to our newsletter!

newsletter

Stay up to date with our latest news and articles.
We promise not to spam you!

You have successfully subscribed to our newsletter

There was an error while trying to send your request. Please try again.

Arbiterz will use the information you provide on this form to be in touch with you and to provide updates and marketing.