Nortel sells mobile network to Ericsson and Kapsch
Canada's Nortel Networks on Thursday announced it has completed the 103 million dollar sale of its GSM-GSMR wireless business to Sweden's Ericsson and Austria's Kapsch.
Announced on November 25, the 103 million dollar sale awaits confirmation by US, Canadian and French courts.
"Ericsson has purchased assets relating to the North American GSM business and Kapsch has purchased assets relating to the EMEA and Taiwan GSM businesses. Kapsch has also acquired the global assets of the GSM-R business," Nortel said in a statement.
The deal calls for transferring 670 Nortel jobs to its buyers.
Placed under bankruptcy protection in January 2009, Nortel is currently under divestment proceedings.
(c) 2010 AFP