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Ericsson Selling iconectiv To Koch

TECHNOLOGY

Ba1/BBB- EUR 27s -3bp


Looks like a credit positive on the cash proceeds for what seems a negligible part of the business.


  • Ericsson is to sell its US subsidiary iconectiv (described as a provider of network number portability solutions and data exchange services) to Koch Equity Development, expecting net cash proceeds of SEK 10.6bn (USD 1.0bn) after taxes and expenses. The deal will result in a one-off EBIT benefit of SEK 8.8bn (USD 0.8bn) upon closing, targeted for H1 2025.
  • iconectiv, contributing SEK 1bn (USD 0.1bn) to FY23 net income. Strategic synergies described as limited.
  • For context, Ericsson had a cash balance of SEK 13.1bn at Q2 with FY23 EBIT (excl. restructuring) of SEK 21.4bn.
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