STOCKHOLM – Swedish wireless equipment company LM Ericsson AB says it has made a binding offer to buy the broadcast services division of French media firm Technicolor.
Ericsson says it will pay €19 million ($25 million) for the unit, as well as a potential additional payment of up to €9 million ($12 million) based on the division’s 2015 revenues.
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The acquisition means Ericsson will take several big broadcast customers, some 900 employees and operations located in France, U.K. and the Netherlands.
The company says the purchase is in line with its strategy to broaden its capabilities in the broadcasting area and will allow it “to become a leading provider in managed services for broadcasters.”
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