Nortel sells radio business to Alcate...

Nortel sells radio business to Alcatel-Lucent

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Denton, TX

#1 Dec 4, 2006
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TORONTO (Reuters)- Canada's Nortel Networks Corp. said on Monday it had signed a definitive agreement to sell its radio access business to telecommunications equipment group Alcatel-Lucent for $320 million.

Nortel had signed a preliminary pact to sell its third generation (3G) universal mobile telecommunications system (UMTS) access unit to Alcatel in September.

Alcatel-Lucent said about 1,700 people would join the group as a result of the deal.

The companies have targeted a closing at "year-end, and in any event, a closing within 90 days of today's announcement."

According to Nortel, the transaction will allow it to increase the resources dedicated to its strategic business priorities.

Shares of Nortel, whose 1-for-10 stock split kicked in last week, closed at C$24.21 on the Toronto Stock Exchange on Friday while Alcatel-Lucent shares closed at $13.36 on the New York Stock Exchange.

($1=$1.14 Canadian)

Beijing, China

#2 Jan 7, 2008
let's guess what will be the future for nortel

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