Feeds

Nokia Siemens grabs Nortel's wireless biz

Everything must go in Nortel fire sale

Application security programs and practises

Nokia Siemens Networks (NSN) is buying the wireless business of Nortel, the bankrupt Canadian network equipment maker, for $650m.

It picks up a major CDMA franchise - Nortel supplies three of the world's five biggest CDMA mobile network operators - and "at least 2,500 employees... [This] represents a significant portion of the employees associated with the assets being sold", says Nortel.

NSN also gains some intellectual property in LTE (Long Term Evolution), a fast mobile network technology that some describe as 4G.

The asset sale is presented as a "stalking horse" agreement under Delaware bankruptcy law, which means that rivals could ambush the deal with a higher offer. The Canadian government is sweetening the deal with a $300m loan guarantee.

Nortel, which filed for bankruptcy protection in January, is "advancing in its discussions with external parties to sell its other businesses". If it doesn't get good enough prices it will mull over restructuring alternatives. But it looks like it's all over bar the negotiating.

It is also delisting shares from trading on the Toronto Stock Exchange. The company has more to say here. ®

HP ProLiant Gen8: Integrated lifecycle automation

More from The Register

next story
Google Nest, ARM, Samsung pull out Thread to strangle ZigBee
But there's a flaw in Google's IP-based IoT system
Orange spent weekend spamming customers with TXTs
Zero, not infinity, is the Magic Number customers want
Want to beat Verizon's slow Netflix? Get a VPN
Exec finds stream speed climbs when smuggled out
US freemium mobile network eyes up Europe
FreedomPop touts 'free' calls, texts and data
'Two-speed internet' storm turns FCC.gov into zero-speed website
Deadline for comments on net neutrality shake-up extended to Friday
GoTenna: How does this 'magic' work?
An ideal product if you believe the Earth is flat
NBN Co execs: No FTTN product until 2015
Faster? Not yet. Cheaper? No data
prev story

Whitepapers

Top three mobile application threats
Prevent sensitive data leakage over insecure channels or stolen mobile devices.
The Essential Guide to IT Transformation
ServiceNow discusses three IT transformations that can help CIO's automate IT services to transform IT and the enterprise.
Mobile application security vulnerability report
The alarming realities regarding the sheer number of applications vulnerable to attack, and the most common and easily addressable vulnerability errors.
How modern custom applications can spur business growth
Learn how to create, deploy and manage custom applications without consuming or expanding the need for scarce, expensive IT resources.
Consolidation: the foundation for IT and business transformation
In this whitepaper learn how effective consolidation of IT and business resources can enable multiple, meaningful business benefits.