Swedish wireless equipment maker LM Ericsson on Saturday said it had penned a deal to buy a majority of Nortel Networks' North American wireless business for $1.13 billion.
The Stockholm-based group said the purchase is on a cash and debt-free basis and covers the older CDMA and newer LTE wireless businesses of Nortel's Carrier Networks unit.
Nortel on Friday placed its wireless business up for auction behind closed doors in New York City, and international tech industry titans submitted their best offers for the prized division.
Nortel, a former telecommunications equipment powerhouse, sought bankruptcy protection in January and the auction was planned after the company said it planned to liquidate its business.
Wednesday, July 29, 2009
Nortel Trying to Dig Out of Bankruptcy
Ericsson Buys Nortel Wireless Units for $1.13 Billion