07:00 AM EDT, 08/19/2024 (MT Newswires) -- Ericsson (ERIC) said Friday that it has entered a binding agreement with Koch Equity Development LLC to sell its US subsidiary iconectiv for about 10.6 billion Swedish kronor ($1 billion).

iconectiv serves over 5,000 customers as a provider of network number portability solutions and data exchange services, the company said.

The transaction is expected to be completed during the first half of 2025, according to Ericsson.

Once complete, iconectiv will become a wholly owned independent subsidiary of Koch Equity and will continue to be managed by iconectiv's leadership team based in New Jersey.

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