IDT To Sell Stake In Enterprise Storage Firm Fabrix To Ericsson - Quick Facts

(RTTNews) - IDT Corp. (IDT) Friday said it agreed to sell its stake in enterprise cloud-storage firm Fabrix Systems to telecoms equipment manufacturer Ericsson. The sale price for 100 percent of the shares in Fabrix is $95 million.

IDT holds a 78 percent interest in Fabrix, which also develops video-centric applications for the entertainment industry.

"This sale further sharpens our strategic focus on our growing communications and payments businesses," says IDT's CEO Shmuel Jonas, "and represents another in a string of successful efforts to maximize shareholder value by selling or spinning off non-core businesses we have created or nurtured."

The sale is scheduled to close in October. IDT has spun off three public listed companies in the past five years - CTM Media, Genie Energy and Straight Path.