Skip to main content

Ericsson Sold 10.4 Million Shares of Juniper Networks

  • Author:
  • Publish date:

Ericsson

undefined

said Wednesday it has sold about 10.4 million shares in

Juniper Networks

(JNPR)

Scroll to Continue

TheStreet Recommends

, its partner in a mobile Internet network joint venture.

The Swedish telecom equipment maker said it sold the shares in part to fund growing business opportunities and to strengthen Ericsson's focus on developing infrastructure for third-generation mobile Internet and Internet Protocol backbone networks.

Ericsson, which purchased the shares before Juniper's initial public offering in June 1999, also said that Juniper Networks will buy back 1 million shares of its common stock from Ericsson as part of the transaction.

Shares of Ericsson were lately up 0.9%, or 13 cents, to $13.75, while Juniper was down 5.1%, or $8, to $148 on the

Nasdaq

.