Ericsson wins battle for Nortel assets
BlackBerry bid jammed up in the courts
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Ericsson has won the bidding war for Nortel's CDMA and LTE Access business, after offering $1.13bn for it.
The deal still needs approval from the bankruptcy courts and could also face a legal challenge from Research in Motion. The BlackBerry maker complained last week that it had been unfairly blocked from the auction process. It claimed an offer of $1.1bn was blocked by Nortel because RIM would not agree to promise not to bid for any of the rest of Nortel's business.
Telefonaktiebolaget LM Ericsson gets skills, patents and existing contracts with US telcos for next generation networks.
Nortel said at least 2,500 of its workers would get the option to move to Ericsson.
Nortel's president and CEO Mike Zafirovski thanked customers for their support and said the firm remained focussed on selling the rest of its businesses.
The US and Canadian courts will sit 28 July to consider the takeover.
The once mighty Canadian giant has been around for over 100 years. It was struggling with big losses even before the credit crunch hit and telcos slashed capital spending. It reaffirmed that shareholders are unlikely to receive anything from the deal.
Nortel's statement is here. ®
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COMMENTS
Telecomm Snooker, anyone?
Snooker? No prizes for coming second.
This looks like the death-knell for Nokia Siemens Networks in North America. I cannot believe Novak - an intelligent bloke - who was head of HR before he took the poisoned chalice cannot have seen this coming. "...and we did not enter this process with a win-at-any-cost mindset...". Er, it's a competition - for the US MARKET! WAKEY-WAKEY!!!
How long before the Ericsson, Huawei and ZTE vultures* pick the bones from this one?
Where are Ollila and Baldauf when NSN needs them? Now, we have an Ozzie git called Wylie-Mybestfriends'Simon, or something. Seems to have completely lost the plot. If you make a 'stalking-horse' bid, you at least need a jockey who can ride. SB doesn't see it. Nor does Novak.
I give NSN a year to clear out of the US market, 3 to clear out of EMEA, and 5 to clear APAC. Then Ericsson buys what little is left.
Shit. What a wonderful company to work for a few years ago.
*I know El Reg has trademarked and tagged all vultures. Hope you don't mind.
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