| Nortel selects Ericsson for CDMA business and LTE Access |
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August 5, 2009 Nortel Networks Corp. announced its principal operating subsidiary, Nortel Networks Ltd.—and certain other subsidiaries, including Nortel Networks Inc.—have concluded a successful auction of substantially all of Nortel’s CDMA business and LTE (Long-Term Evolution) Access assets. Telefonaktiebolaget LM Ericsson has emerged the winning bidder with a purchase price of $1.13 billion US. The bid is subject to court approvals in Canada and the U.S., as well as regulatory and other customary closing conditions and certain post-closing purchase price adjustments. If approved by the courts, Ericsson will purchase Nortel’s CDMA business—the second-largest supplier of CDMA infrastructure in the world, says Nortel, and substantially all of Nortel’s LTE Access assets. Also as part of this agreement, a minimum of 2500 Nortel employees supporting the CDMA and LTE Access business will receive offers of employment from Ericsson. CLICK HERE for Nortel. |
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