Dec. 21 (Bloomberg) -- Marconi Corp. shareholders approved the sale of most of the company to Ericsson AB, the world's largest maker of wireless networks, for 1.2 billion pounds ($2.1 billion).

The shareholders voted at Marconi's extraordinary general meeting today, Stockholm-based Ericsson said in a statement distributed by Hugin.

``Following the shareholder approval and the competition clearances, the acquisition of key assets remains conditional on current consultations with trade unions,'' Ericsson said. ``The transaction is expected to be completed in January 2006.''

Ericsson yesterday won European Union antitrust approval to buy most of London-based Marconi, a maker of phone equipment. Ericsson will acquire Marconi's equipment-making businesses and international network services division, strengthening the Swedish company's fixed-line phone business.

The deal was first announced on Oct. 25. Marconi will be left with a U.K. and German services unit after the transaction.

Marconi, which sold missiles and washing machines before handing control to creditors in 2003, was forced to sell itself after failing to win any of a 10 billion-pound contract with BT Group Plc, its biggest customer. The remnants of Marconi will be renamed Telent Plc and investors will receive 275 pence for each of their Marconi shares before March 2006.

To contact the reporter on this story: Maria Fredriksson in London at mfredriksson@bloomberg.net

Last Updated: December 21, 2005 10:44 EST