Ericsson Wins Auction for Nortel's CDMA Business
Ericsson has emerged as a successful bidder for Nortel’s CDMA business and LTE access technology. Ericsson is expected to pay $1.13 billion to the struggling Canadian company. Under the agreement, Ericsson will provide employment to a minimum of 2,500 employees in these divisions.
Research in Motion (RIM) had also expressed an interest in the auction but was barred due to a dispute with Nortel. In June, the company had accepted a $650 million offer from Nokia Siemens Networks for its CDMA and LTE assets.
Nortel is currently the world’s second largest supplier of CDMA infrastructure in the world. The two companies are still waiting for approval from Canadian and US courts, though it is expected to be completed by year-end.
Nortel has been under bankruptcy protection ever since filing for bankruptcy in January this year. Nortel has clients like Reliance Communications, BSNL, BPL Mobile, Bharti Airtel, etc. in India.
Earlier this month, Nortel had sold its enterprise solutions business to Avaya for $475 million.
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