Nokia Approved For Purchase Of Certain Nortel Assets

by Administrator

Nokia has been approved to purchase several assets from failed Canadian telecom company Nortel. The FTC said on Tuesday they would allow Nokia to continue with the asset sale.

Nortel had said Nokia Siemens Networks — a joint venture of Nokia and Siemens — would offer $650 million for Nortel’s CDMA and LTE wireless technology businesses and act as the “stalking horse bidder.”

As part of their designation as a “stalking horse bidder”, Nokia will be allowed to match any offers that come later.

The auction is scheduled to take place on July 24 2009.

Tags: Nokia, Nortel