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Ericsson Walks Away with Nortel's LTE/CDMA Assets for $1.13B

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Jul 26, 2009, 7:52 PM by Eric M. Zeman

Ericsson outbid rivals during an auction on Friday for ailing Nortel's Long Term Evolution and CDMA assets. Nokia entered a bid of $650 million first, which was followed by a $725 million bid made by private investors. Ericsson was one of the last companies to enter the auction, and placed its own bid just hours before the auction's start. The auction, which took place in New York City, lasted about 12 hours. Ericsson's winning bid topped $1.13 billion. Once the auction results clear regulatory hurdles in Canada and the U.S., Ericsson will take over Nortels LTE an CDMA business units and technology. Nokia Siemens Networks issued a statement following the end of the auction, stating that it remains committed to the North American market.

Reuters »

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