Communications equipment vendor Aastra Technologies has announced that it has agreed to acquire Ericsson's Enterprise Communications Business.

The purchase price is CAD$103m, (£52.25m) for intangible assets and is subject to adjustments for net tangible assets. Aastra has estimated it will require total investment of approximately CAD$160m. The deal is subject to customary closing conditions and is expected to be finalised in April.

Ericsson Enterprise Communications Business is headquartered in Stockholm and has upwards of 600 employees across more than 30 countries. Its business generated revenue for the last fiscal year was approximately CAD$160m.

Aastra has indicated that it believes the acquisition will enable it to be a leading player in the western European enterprise communication market. It is also hopeful of securing a stronger foothold across the rest of the world.

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