Ericsson bids for Netwise

Telecom giant Ericsson has made a cash offer to buy Netwise in a bid worth 300 million kronor.

Ericsson is offering 60 kronor per share, a 29 percent premium, for the Swedish software maker, according to press release on Monday.

Netwise’s Board of Directors has approved the offer.

“Netwise is proud to have received this offer from Ericsson,” said Yngve Andersson, chairman of the Netwise Board of Directors.

“We see this offer as a confirmation that, with highly competent employees, we have succeeded in developing competitive products and as well as position them in an international market even outside Scandinavia.

Through Ericsson, Netwise now has the possibility to reach an international market even faster”.

According to Ericsson, some 76 percent of those with voting rights at Netwise said they approved the deal.