CIBC and UBS Warburg have won the mandate to finance Apax Partner's leveraged buyout of a sales and services arm from Ericsson, the Swedish maker of telecom equipment.

Apax Partners, the UK private equity firm, has agreed to buy an 80% stake in the business, which sells and services telecommunications equipment, for $480m (€517.2m). Until now it has been part of Ericsson's enterprise division.