Ericsson Divests Itself From Russian Holdings

Ericsson’s (NASDAQ: ERIC) wholly-owned Russian subsidiary has entered into an agreement to divest its local customer support business in Russia to a Russian company owned by former managers of Ericsson´s Russian subsidiary. The company announced yesterday that the transaction includes a transfer of approximately 40 Ericsson employees, and certain assets and contracts related to the business.

The customer support business is a local business engagement that does not involve the export of hardware, software, or related services to mobile operators in Russia.

Following Russia’s invasion in Ukraine, Ericsson announced the suspension of operations and deliveries to customers in Russia and an orderly wind-down in accordance with applicable sanctions. Approximately 400 Ericsson employees in Russia have been notified of layoffs and have been leaving the company as operations have been discontinued.

Going into 2023, Ericsson expects to have a small presence in Russia on a local basis. A legal entity owned by Ericsson will continue to be registered to complete the wind-down and to fulfill legal, contractual, and administrative requirements.

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