REUTERS/Mike Blake Acquire Licensing RightsLONDON, Oct 12 (Reuters Breakingviews) - Börje Ekholm’s overpriced M&A has come home to roost.
The $15 billion Swedish telco equipment maker’s chief executive said on Wednesday he was writing down 50% of the value of software company Vonage.
While the 32 billion Swedish crowns ($3 billion) hit is a non-cash impairment, Vonage remains a major goof.
Ericsson bought it for $6.2 billion as recently as November 2021, in cash, and the deal only closed three months ago.
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Persons:
Mike Blake, Breakingviews, Ekholm, Karen Kwok, George Hay, Streisand Neto
Organizations:
T's, REUTERS, Reuters, Ericsson, Deutsche Telekom, Reuters Graphics Reuters, X, Qantas, Thomson
Locations:
San Diego , California, U.S, Brussels