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Edition: U.S. Article Comments (0) Follow Reuters Facebook Twitter RSS YouTube Read OPEC sees risk of price rise, shortage 12:08pm EDT Google invests $280M in SolarCity solar roof fund 9:00am EDT Analysis: Obama 2012 -- it's all about jobs | 2:03pm EDT Analysis: Experts say Casey Anthony defense faces uphill battle 10:49am EDT Obama: If debt limit not raised, financial crisis possible | 11:09am EDT Discussed 127 Alabama governor signs nation’s toughest immigration law 111 Obama weighs new steps to boost jobs 80 U.S. debt default unimaginable, creditors say Watched Airbus' view of flying in the future Mon, Jun 13 2011 Obama resigns from church Mon, Jun 2 2008 Republican presidential hopefuls debate 4:37am EDT Ericsson to buy Telcordia for $1.15 billion cash Tweet Share this Email Print Related News Ciena forecasts weak Q3 revenue; shares tumble Wed, Jun 8 2011 Nokia drops targets and shares slump to 13-year low Tue, May 31 2011 UPDATE 5-Nokia drops targets, shares slump to 13-year low Tue, May 31 2011 UPDATE 2-NORDIC STOCKS - Factors to watch on May 31 Tue, May 31 2011 Google takes wraps off pay-by-phone system Thu, May 26 2011 Analysis & Opinion Tech wrap: Apple “spaceship” to tackle “weed” problem Small business at a crossroads Related Topics Technology » Deals » Global Deals Data 2011 Q1 » Inflows Outflows » Ericsson's Silicon Valley campus is seen in Santa Clara, California, August 11, 2009. Credit: Reuters/Robert Galbraith By Patrick Lannin and Georgina Prodhan STOCKHOLM/LONDON | Tue Jun 14, 2011 2:44pm EDT STOCKHOLM/LONDON (Reuters) - Mobile network gear maker Ericsson is to spend $1.15 billion in cash to buy U.S. group Telcordia to help it manage an explosion in data and services and fend off tough competition. Ericsson Chief Executive Hans Vestberg has said he expects 50 billion devices to be connected to the Internet by 2020, bringing a huge challenge for operators and systems providers. Ericsson said in a statement on Tuesday that the agreement to buy the Piscataway, N.J. company would lead to 2,600 employees being transferred to it. Telcordia is being sold by Providence Equity Partners, LLC and Warburg Pincus. "We will definitely be a leader in many of the different domains here," Vestberg told Reuters, adding that the market where Telcordia was active was very fragmented. "We see this as one of the areas which has portfolio momentum," he added. Ericsson shares were up 1.7 percent at 88.70 crowns after the news. The Swedish group said the market for software and systems integration was valued at about $35 billion and was expected to show a compound annual growth rate of between 6 to 8 percent between 2010 and 2013. "The importance of operations and business support systems will continue to grow as more and more devices are connected, services become mobile and new business models for mobile broadband are introduced," Vestberg said in the statement. "In this context, Telcordia brings very skilled people and knowledge, a large business in North America and other markets, as well as a good multi-vendor product portfolio." Ericsson said it expected the transaction to close in the fourth quarter of this year with full effect from the first quarter of next year. It expected the transaction to be accretive to Ericsson earnings per share within 12 months after closing. "It should help boost the attractiveness of their services offering and make it more difficult for the likes of Huawei or ZTE to break in. Ericsson is looking increasingly strong in this area," said Richard Windsor, global technology specialist, at investment bank Nomura. "The big question is whether or not Ericsson has overpaid. They have a history of doing so, for example in the cases of Marconi and Redback," he added. Evercore Partners advised Ericsson in the deal and Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as their legal adviser. Credit Suisse was the financial adviser to Telcordia and Willkie Farr & Gallagher LLP was their legal counsel. (Additional reporting by Nadia Damouni in New York; Editing by Mike Nesbit, Bernard Orr) Technology Deals Global Deals Data 2011 Q1 Inflows Outflows Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story directly or with relevant tangential information. We try to block comments that use offensive language, all capital letters or appear to be spam, and we review comments frequently to ensure they meet our standards. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. Comments (0) Be the first to comment on reuters.com. Add yours using the box above. 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