Ericsson to buy Telcordia for $1.15 bln

By the Associated Press | June 14, 2011 | 8:28 AM EDT

STOCKHOLM (AP) — Swedish wireless equipment company LM Ericsson AB says it has signed a deal to buy U.S.-based software development firm Telcordia for $1.15 billion.

Ericsson says it will buy 100 percent of the shares in Telcordia from private equity firms Providence Equity Partners LLC and Warburg Pincus.

The company said Tuesday it expects to complete the acquisition in the fourth quarter 2011.

Telcordia, based in Piscataway, New Jersey, develops mobile, broadband and enterprise communications software and services. It employs 2,600 people and reported revenues of $739 million during the last fiscal year, ending January 31.