Geekzone: technology news, blogs, forums
Guest
Welcome Guest.
You haven't logged in yet. If you don't have an account you can register now.
Nokia Siemens Networks to buy Nortel CDMA business
Posted on 20-Jun-2009 21:03 | Tags Filed under: News


Nokia Siemens Networks to buy Nortel CDMA business
Nortel Networks Corporation have entered into an asset sale agreement with Nokia Siemens Networks B. V. (NSN) for the sale of its CDMA business and LTE Access assets for US$650 million.

The agreement with NSN specifies that at least 2,500 employees would have the opportunity to continue with NSN. This represents a significant portion of the employees associated with the assets being sold.

Nortel's wireless business is the second largest supplier of CDMA infrastructure in the world. It does business with three of the five top CDMA operators globally, including Verizon Wireless, which operates the largest wireless voice and data network in the United States.

In addition to announcing this sale agreement, Nortel announced that it is advancing in its discussions with external parties to sell its other businesses. The company will assess other restructuring alternatives for these businesses in the event it is unable to maximize value through sales.

Commenting on the announcements, Nortel President and Chief Executive Officer, Mike Zafirovski said:

"Maximizing the value of our businesses in the face of a consolidating global market has been our most critical priority. We have determined the best way to do this is to find buyers for our businesses who can carry Nortel innovation forward, while preserving employment to the greatest extent possible. This will ensure Nortel's strong assets - technologies, customer relationships, and employees - continue to play an important role in driving the future of communications. The value of Nortel's wireless business is recognized throughout the industry. The agreement we are announcing today is solid proof of that value and represents the best path forward for our other businesses."

Zafirovski continued: "We also believe this will help provide clarity for our customers and employees. Customers have demonstrated consistent support for our products and services, and we want to ensure they continue to benefit from Nortel's technology and know-how. In addition, Nortel's employees are doing a tremendous job under challenging conditions, stabilizing our business and delivering outstanding service to our customers. It is important to provide our employees with a clear sense of direction around their future and potential opportunities with the new companies."

The Company will also apply to delist its common shares and the NNL preferred shares from trading on the Toronto Stock Exchange (TSX). Trading in such shares on the TSX is expected to be suspended (commencing before the opening of trading on Monday, 22 June 2009) with the consent of the Monitor under the Canadian creditor protection proceedings, pending the TSX's decision on the delisting application.










comments powered by Disqus


Trending now »

Hot discussions in our forums right now:

Driving an automatic - do you use one foot or both?
Created by geekIT, last reply by Coil on 22-Sep-2017 14:20 (127 replies)
Pages... 7 8 9


iPhone 8/iPhone X, impressions?
Created by surfisup1000, last reply by Coil on 22-Sep-2017 14:35 (388 replies)
Pages... 24 25 26


Auckland Airport fuel supply obliterated by digger
Created by Batman, last reply by frankv on 22-Sep-2017 11:16 (214 replies)
Pages... 13 14 15


How to backup/copy an iphone app?
Created by Batman, last reply by scuwp on 19-Sep-2017 19:37 (24 replies)
Pages... 2


Mighty Ape Birthday hunt 2017
Created by ThePlague, last reply by joshhill96 on 21-Sep-2017 23:11 (22 replies)
Pages... 2


IOS 11 email client and Office 365 - heads up people
Created by gjm, last reply by mattwnz on 20-Sep-2017 17:15 (18 replies)
Pages... 2


When did we become America
Created by BTR, last reply by Fred99 on 22-Sep-2017 12:12 (66 replies)
Pages... 3 4 5


Sky blames piracy for lost customers. Sky: it's time to wake up and smell the coffee.
Created by kingdragonfly, last reply by Rikkitic on 21-Sep-2017 11:10 (482 replies)
Pages... 31 32 33