(Bloomberg) -- Ericsson AB has bought CradlePoint Inc., a U.S. provider of wireless solutions that the Swedish technology giant says will help it expand its 5G footprint.
Ericsson said the deal gives CradlePoint an enterprise value of $1.1 billion, in a statement on Friday.
“The investment is key to Ericsson’s ongoing strategy of capturing market share in the rapidly expanding 5G Enterprise space. Cradlepoint complements Ericsson’s existing 5G Enterprise portfolio which includes Dedicated Networks and a global IoT platform,” Ericsson said.
The deal “creates valuable new revenue streams for customers,” and is expected to close in the fourth quarter, subject to merger clearance, it said.
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