HomeNewsWeekly market recap: Ericsson to merge with Vonage, Astra Space reaches space, Samsung spending $17 billion, Booking Holdings with a new acquisition.

Weekly market recap: Ericsson to merge with Vonage, Astra Space reaches space, Samsung spending $17 billion, Booking Holdings with a new acquisition.

  • Booking Holdings set to acquire Etraveli Group for $1.83 billion.
  • Ericsson is merging with Vonage to expand wireless enterprise offerings.
  • AT&T and Verizon to limit 5G service

Ericsson to merge with Vonage 

Ericsson (NASDAQ:ERIC) had announced that it would acquire Vonage Holdings (NASDAQ:VG) for around 6.2 $billion as it broadens its global offerings in the wireless enterprise sector. The merger agreement received unanimous support from Vonage’s Board for Directors. Ericsson’s CEO Borje Ekholm said that their objective is creating industry-leading mobile networks through tech leadership. In addition, Borje claims that the acquisition will offer the company the foundation necessary for Ericsson to come up with the enterprise business activities.

Astra Space’s LV0007 rocket reaches space

Astra Space Inc. (NASDAQ:ASTR) shares jumped 40% on Monday after the rocket manufacturer’s LV0007 rocket hit the orbit over the weekend. The milestone puts the company on the map among other privately-sponsored firms that have launched rockets to orbit. The company’s LV0007 rocket reached around 500 Kilometers in around 9 minutes, and it launched from the Pacific Spaceport Complex in Kodiak, Alaska.

Samsung to spend $17 billion on new semiconductor plant

Samsung (KRX:005930) will spend about $17 billion on its new semiconductor plant in Texas. The South Korean tech juggernaut wants to build this new facility to address the global semiconductor shortage and enhance its capabilities. The company expects the new plant to be operational by 2024.

Booking Holdings set to spend $1.83 billion on new acquisition 

Booking Holdings (NASDAQ:BKNG) saw its share plummet after it announced that it would pay $1.83 billion to acquire Etraveli Group to broaden its horizon in the flights industry. This announcement came a few days later after the company said that it was planning to spend $1.2 billion to buy Getaroom.

Verizon and AT&T limiting 5G service

The Telecommunication companies wrote a letter to the Federal Communications Commission regarding the 5G limits. The FCC chairwoman claim that 5G does not pose any kind of danger to air safety, meanwhile the Federal Aviation Administration is concerned that 5G could impact their radar altimeters. According to the copy of the letter acquired by The Wall Street Journal, the companies are claiming to apply stricter power limitations near the airports and helipads and even cut the power levels in the cell towers.

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