EU Clears Sweden's Ericsson to Buy German Telecoms Billing Firm LHS

Business Materials 15 September 2007 07:06 (UTC +04:00)

( AP ) -- EU regulators on Friday cleared LM Ericsson, the world's largest maker of wireless networks, to take over German telecoms billing company LHS AG.

The European Commission waved the deal through automatically after identifying no antitrust concerns and receiving no complaints from rivals within a deadline of 25 working days.

The Swedish company's bid for LHS values it at euro310 million (US$418 million), paying euro22.50 (US$30.33) per share to buy 55.1 percent of the company's shares and committing to buy another 20 percent.

Frankfurt-based LHS has around 550 staff and 2006 sales of euro71.6 million (US$96.5 million), Ericsson said.