Boosts position in network infrastructure with $650m swoop for bankrupt rival's operation.
Toronto-based Nortel has been operating under bankruptcy protection since mid-January, and intends to sell its remaining assets in the months to come.
The deal with Nokia Siemens will save 2,500 Nortel jobs, mostly in Canada and the United States. However, it values the company’s wireless business at less than one year’s earnings.
Nokia Siemens expects the by-out to bolster its leadership in the building of LTE (4G) next gen networks - and consolidate its presence in North America.
Advertisement
