IDT Corporation to Sell Fabrix Systems

NEWARK, N.J.--(BUSINESS WIRE)--IDT Corporation (NYSE:IDT), a global provider of telecommunications and payment services, announced today that it has reached an agreement to sell its interests in Fabrix Systems (Fabrix) to Ericsson. The sale price for 100% of the shares in Fabrix Systems is $95 million, subject to working-capital and other customary adjustments. IDT owns approximately 78% of Fabrix on a fully diluted basis.