STOCKHOLM (dpa-AFX) - Swedish telecom equipment maker LM Ericsson (ERIC) said on Thursday that its Russian unit has signed a deal to sell its local customer support business to a firm owned by the unit's former operational managers.
Financial terms of the deal are not known.
The transaction includes a transfer of around 40 Ericsson staff members, certain assets and contracts related to the business.
The customer support business is a local business and does not involve the export of hardware, software, or related services, the telecom firm said in a statement.
Earlier, following Russian invasion in Ukraine, Ericsson had announced the suspension of operations and deliveries to customers in Russia and an orderly shutdown of operations.
Ericsson has notified 400 layoffs in Russia as operations have been discontinued.
In 2023, Ericsson expects to have a small local business in Russia. A legal entity will remain in the country to complete the wind-down and to fulfill legal, contractual, and administrative requirements to move out of Russia.
Copyright(c) 2022 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX