Marconi Goes to Ericsson for £1.2bn
25 Oct 2005
Marconi has sold a large part of its telecommunications equipment and international services to Ericsson in a £1.2bn deal.The company, to be renamed telent plc, takes in a great deal of rail work in the UK, with customers including Network Rail and Tube Lines. In the financial year 2004-05, the transport sector made for 64% of their enterprise sales.
It is expected that the deal will be completed next January, subject to shareholder approval.
Telent is aiming to meet new opportunities in transport, such as projects to relieve congestion, and major renewals through private finance initiatives.
A spokesman said: “We have a track record in the transportation sector. Our experienced, skilled and qualified staff, as well as systems and processes, are combined with a deep technical competence and complemented by vendor-independence.”