• Sweden edition
Business & Money

Courts give green light to Ericsson's bid for Nortel

Published: 30 Jul 09 07:12 CET | Double click on a word to get a translation
Online: http://www.thelocal.se/20990/20090730/

A bid by Swedish telecom giant Ericsson to buy part of Canada’s Nortel for $1.13 billion has been approved by Canadian and US courts.

Nortel "and certain of its other subsidiaries including Nortel Networks Inc., obtained orders from the Ontario Superior Court of Justice and the United States Bankruptcy Court for the District of Delaware approving the sale agreement with Telefonaktiebolaget LM Ericsson ("Ericsson") for substantially all of Nortel's" CDMA business and LTE Access assets, a company statement said.

CDMA is a mobile phone standard widely used in North America, where the global GSM standard is less commonplace. LTE is a next-generation standard for bigger and faster mobile phone networks.

Ericsson has said it would take over the carrier networks division of Nortel relating to CDMA and LTE technology in North America -- a deal that includes contracts with the likes of Verizon and Bell Canada.

The acquisition -- at a firesale auction of Nortel assets in New York on Friday -- will make North America the biggest market for Ericsson, which last year reported sales there of $2.7 billion.

"Completion of the sale is subject to regulatory and other customary closing conditions, and the purchase price is subject to certain post-closing adjustments," Nortel added, stressing it would "work diligently with Ericsson to close the sale later this year."

AFP/The Local (news@thelocal.se)

What do you think? Leave your comment below.

Fark It! Digg This  Share everywhere
Send to a friend Printable version Twitter This

Your comments about this article:

The comments below have not been moderated in advance and are not produced by The Local unless clearly stated. Readers are responsible for the content of their own comments. Comments that breach our terms and conditions will be removed.

#1
02:54 August 2, 2009 by MikeSar
Strike, while the fire is hot!

You have the skill, knowhow and high bond ratings to borrow money and buyout whatever best meets your goals! Go to it!

Like the Canadian purchase, you don't have to bring the business to Sweden, consider it as a captive customer for the future.

I see Bombardier of Canada has major projects in Sweden and Europe, how about...
Report abuse »
ADD YOUR COMMENT   (YOU MUST LOG IN OR REGISTER TO MAKE A COMMENT)
Business & Money headlines
Police suspect theft after surprise cash 'windfall'

Police suspect theft after surprise cash 'windfall'

A woman is suspected of theft after she dropped a stash of 1,000 kronor ($140) banknotes in southern Sweden and then fled the scene, while local residents rushed in to gather the loot that was blowing in the wind. READ (3 COMMENTS) »

Cheap Norway nappies smuggled via Sweden

Cheap Norway nappies smuggled via Sweden

A gang of Lithuanian diaper smugglers is using Sweden as a transit country to ferry cheap nappies bought in Norway for resale at a stiff markup in eastern Europe. READ (11 COMMENTS) »

Nine of ten tourists 'happy' with Sweden

Nine of ten tourists 'happy' with Sweden

Nearly 17 million foreign tourists visited Sweden in 2011, and almost all of them enjoyed their stay, according to a new report. READ (1 COMMENT) »

Armed thieves escape after highway chaos

Armed thieves escape after highway chaos

Police are searching for the men involved in a dramatic highway robbery in Stockholm on Tuesday night, in which one car was stolen at gunpoint and an armoured transport vehicle was rammed. READ (9 COMMENTS) »

Arla looks to milk UK, German dairy mergers

Arla looks to milk UK, German dairy mergers

Swedish-Danish dairy giant Arla plans to merge with both a German and a British dairy cooperative in a bid to become the largest dairy company in the UK. READ (4 COMMENTS) »

Swedish airline Skyways files for bankruptcy

Swedish airline Skyways files for bankruptcy

Swedish budget airline Skyways Express has cancelled all flights after it and its City Airline subsidiary filed for bankruptcy on Tuesday morning. READ (3 COMMENTS) »

Sweden drifting from 'Swedish model': report

Sweden drifting from 'Swedish model': report

Sweden's historically generous social safety net isn't as robust as it once was, according to a new report, which reveals Sweden has fallen below the average for many other developed countries when it comes to various types of social insurance. READ (37 COMMENTS) »

Swedish printer in South Africa banknote fiasco

An error involving a Swedish printing press has turned into a very expensive headache for South African central bank officials who have been forced to destroy millions of dollars' worth of faulty banknotes. READ (4 COMMENTS) »

Construction workers see fewer inspections

Construction workers see fewer inspections

Sweden's work environment watchdog has made ten percent fewer inspections on construction sites over the past seven years, despite twice as many work-site employees since 2007. READ (1 COMMENT) »

IKEA SPYING SCANDAL
Ikea bosses sacked over France spying scandal

Ikea bosses sacked over France spying scandal

Ikea is sacking four managers at its French subsidiary following allegations that they spied on employees and customers using an illegal police database, the Swedish home furnishing retailer announced on Friday. READ (1 COMMENT) »

More Business & Money

Highlights from Follow Sweden

Meet Sanna, 9 years old

Sanna is one of 2 million people in Sweden under the age of 18. Sweden is seen as a good place to grow up. The law makes sure children are well-protected and defends their rights and any organizations work with children's well-being. Read more »

Strindberg, king of drama

August Strindberg's plays shocked society, dazzled audiences and revolutionized drama. A century after his death, Strindberg, with his powerful, timeless themes, is celebrated around the world. Read more »

Click here to get more from Follow Sweden

Find a new job in Sweden now
24/05 360° Market Activation Manager EMEA
 Stockholm
24/05 Account Manager/Regional manager
 Stockholm
24/05 Area Sales Manager to Kabeldon
 Alingsås
24/05 Consumer Advisor
L'Oréal Denmark A/S		 Skåne
24/05 Creative Merchant Risk Analyst
Klarna		 Stockholm
24/05 Demand Flow Manager
 Stockholm
24/05 Development Engineer Test Method Development
Tetra Pak		 Skåne
24/05 Executive Assistant
Vattenfall		 Stockholm
24/05 Experienced tester wanted
Academic Work		 Västra Götaland
24/05 German Speaking Risk Agent
Klarna		 Stockholm

ALL JOBS »


 
More popular articles »
Latest Business & Money news from Germany
Noticeboard
SHOW ALL NOTICES »
Discuss
FULL INDEX »
JUST THE NEWS »
LATEST TOPICS »
QUALITY ACCOMMODATION ON SWEDISH HIGH COAST
Comfortable Fully Serviced Apartments for Leisure or Business Travel Beautiful surroundings. Internet & Sat TV
www.oldriverhouse.se
Volunteer Venture
Volunteer Venture is dedicated to promoting community tourism by welcoming volunteers and travelers to discover the cultural differences in Nepal as English teaching volunteers, orphanage volunteers, Monk teachers and many more
www.volunteerventure.org/
The Local's new Marketplace
Find products and services that are specifically focused on English speakers living in Sweden!
FULL DETAILS
English Speaking Therapist Stockholm
British-Australian Male Counsellor. Counselling Therapy for Depression, Mental Health, Sex, Relationship & Expat Issues
08-559 22 636 or CLICK HERE
Doctor of Psychology
Therapy in English in Stockholm Trained in California Individuals & Couples (08) 93 81 48 FREE phone consultation
Visit anxiousorblue.se
Turning Point Counseling
Turning Point Counselling centre offers the international community of Stockholm a safe space for personal development, counselling and coaching.
http://www.turning-point.se/show.asp
Swedish Down Town
Swedish Down Town PR Consulting and Productions is an innovative business company which provides valuable assistance with Public Relations and Communications in the Swedish and the international market.
www.swedishdowntown.com