Ericsson and Verizon ink landmark multi-year $8.3 Billion 5G deal

Rhea-AI Summary

Ericsson announced a significant multi-year agreement valued at $8.3 billion with Verizon to enhance the deployment of its 5G solutions across the U.S. This partnership focuses on expanding 5G Ultra Wideband coverage and improving network performance through technologies like Massive MIMO and Cloud RAN. Both companies anticipate that this collaboration will drive innovation and widespread adoption of 5G services for consumers and enterprises, reinforcing Ericsson's commitment to accelerating 5G build-out nationwide.

Positive

• Valued at $8.3 billion, the deal strengthens Ericsson's position in the U.S. 5G market.
• Implementation of advanced technologies like Massive MIMO and Cloud RAN enhances Verizon's network performance and user experience.
• The partnership is expected to drive innovation and boost 5G adoption across various sectors.

Negative

• None.

KISTA, Sweden, July 16, 2021 /PRNewswire/ -- Ericsson (NASDAQ: ERIC) today announces a landmark multi-year agreement with Verizon to provide its industry-leading 5G solutions to accelerate the deployment of Verizon's world-class next-generation 5G network in the U.S.

Niklas Heuveldop, President and Head of Ericsson North America, says: "This is a significant strategic partnership for both companies and what we're most excited about is bringing the benefits of 5G to U.S. consumers, enterprises and the public sector. We're looking forward to working with Verizon to leverage solutions like Cloud RAN and our Street Macro, adding depth and versatility to 5G network rollouts across the U.S."

"With this new agreement, we will be able to continue driving innovation and widespread adoption of 5G," says Kyle Malady, Chief Technology Officer for Verizon. "We are pleased to continue this work through our long-standing relationship with Ericsson."

Under this $8.3 billion USD agreement, Verizon will deploy Ericsson's 5G MIMO C-band, low-band and millimeter wave (mmWave) solutions to enhance and expand Verizon's 5G Ultra Wideband coverage, network performance and user experience. Ericsson's technology solutions, including Massive MIMO, Ericsson Spectrum Sharing and Ericsson Cloud RAN, complement the high-performing Ericsson Radio System portfolio to support 5G services. Ericsson's industry-leading software functionality provides end-users with the speed and performance they expect from 5G networks.

In 2020, Verizon was the first communications service provider to receive a commercial 5G mmWave Street Macro base station from Ericsson's award-winning new state-of-the-art U.S. smart factory in Lewisville, Texas. Ericsson is committed to building and accelerating the nationwide build-out of 5G across the country.

Related content: Ericsson delivers first U.S. manufactured 5G base station to Verizon

NOTES TO EDITORS:
Ericsson 5G
Cloud RAN by Ericsson
Podcast: The journey towards open, virtual networks
Ericsson Radio System
Contemplating coverage: to extend or not to extend? That is the question. The answer: yes - with 5G carrier aggregation
The significance of the 5G Uplink Booster to the new normal

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ABOUT ERICSSON:

Ericsson enables communications service providers to capture the full value of connectivity. The company's portfolio spans Networks, Digital Services, Managed Services, and Emerging Business. It is designed to help our customers go digital, increase efficiency and find new revenue streams. Ericsson's innovation investments have delivered the benefits of mobility and mobile broadband to billions of people around the world. Ericsson stock is listed on Nasdaq Stockholm and on Nasdaq New York. www.ericsson.com

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SOURCE Ericsson

FAQ

What is the value of Ericsson's recent deal with Verizon?

The deal between Ericsson and Verizon is valued at $8.3 billion.

What technologies will Ericsson be providing to Verizon under the new agreement?

Ericsson will provide 5G MIMO C-band, low-band, and millimeter wave (mmWave) solutions.

How will the agreement with Verizon impact 5G deployment in the U.S.?

The agreement aims to enhance Verizon's 5G Ultra Wideband coverage and improve network performance.

When was the announcement of the Ericsson and Verizon agreement made?

The announcement was made on July 16, 2021.

What benefits are expected from the Ericsson and Verizon partnership?

The partnership is expected to bring significant benefits of 5G to U.S. consumers, enterprises, and the public sector.