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Sprint Nextel (NYSE: S) Signs $5B Networking Deal with Ericsson
Sprint Nextel Corporation (NYSE: S) announced Thursday that it has signed a networking deal with LM Ericsson (NASDAQ: ERIC).
The seven-year deal, valued between $4.5 billion and $5 billion, will transfer operation of its wireless and wireline networks to Ericsson. The deal will also transfer about 6,000 Sprint employees to an Ericsson-owned subsidiary, based near Sprint's
According to reports, Sprint will maintain ownership and control of its network, including future investment and strategy, while Ericsson provides day-to-day maintenance and monitoring of the network of cell towers and call switching equipment.
According to Associated Press, Ericsson already manages global networks that serve 275 million subscribers.
Sprint laid off 8,000 employees earlier this year, which it said provided $1.2 billion in savings. The employees are expected to switch over to Ericsson in late third quarter, after which it will take 12-18 months to fully shift operations to Ericsson. Sprint will retain about 2,000 employees who have network-related jobs, such as budgeting.
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