Nortel Networks Corp (OTCBB: NRTLQ) said it has received court approval to sell its CDMA business and LTE Access assets to Sweden’s LM Ericsson for US$1.13 billion.
The Ontario Superior Court of Justice and the United States Bankruptcy Court for the District of Delaware approved the sale agreement with Ericsson which was announced at the weekend.
As part of this agreement, a minimum of 2,500 Nortel employees supporting the CDMA and LTE Access business will receive offers of employment from Ericsson. Completion of the sale is expected later this year.
No comments:
Post a Comment