Mergers and Acquistions News
Categories: Telecoms
November 18th 2009, 16:57PM
Telecoms service provider Nortel Networks Corp has completed the divestment of its CDMA Business and LTE Access assets to Ericsson for a purchase price of $1.13 billion (£674 million).
The sale went ahead following court approvals in the US and Canada as well as other regulatory conditions, which have now been met, allowing the acquisition to be declared effective on November 13th.
Pavi Binning, chief restructuring officer at Nortel, said that customers stand to benefit from having an experienced and financially robust partner supporting their CDMA and future LTE networks.
"Completion of this first large-scale divestiture is a major milestone in Nortel's plan to preserve the value of its innovation and know-how while maximizing value through the sale of its businesses," he commented.
Nortel recently announced that it has won a number of significant public sector deals in several countries across the Asia Pacific region, including some involving Ethernet routing switches, contact centre deployments and unified communications.
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