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BT Group PLC on Tuesday said it entered a new ‘multi-million pound’ joint venture partnership with Swedish peer Telefonaktiebolaget LM Ericsson.
The FTSE 100 listed telecommunications firm said the companies will work together to provide commercial 5G private networks for the UK market.
BT has signed a multi-year contract with Stockholm-based Ericsson, which will enable it to sell the mobile network technology products to businesses and organisations in different sectors. These include manufacturing, defence, education, retail, healthcare, transport and logistics, it listed.
5G private networks are expected to grow at an average rate of 40% a year between 2021 and 2028, according to a forecast BT sourced from MarketResearch.com. At this time the market will be worth $14 billion, BT continued.
‘Both BT and Ericsson believe there is significant demand from UK businesses looking to take advantage of the benefits the new technology can provide,’ the company said.
The deal follows BT's announcement to invest around £100 million over the next three years in its Division X unit to accelerate the development of customer solutions which integrate technologies like 5G, IoT, Edge Compute, Cloud and AI.
BT Group shares were trading 2.3% higher in London on Friday midday at 188.30 pence each.
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