Nortel agrees to Avaya offer

TORONTO – Nortel Networks agrees to sell the bulk of its enterprise solutions division to New Jersey-based telecom firm Avaya Inc. for Nortel-114X29.JPGUS$475 million. Up for sale are the company’s enterprise solutions businesses in North American, Latin American, Europe, the Caribbean, Asian, the Middle East and Africa. Avaya will also receive stock in Nortel Government Solutions Inc. and DiamondWare Ltd. Before the deal can be finalized, however, Nortel must run it by the Ontario Superior Court of Justice and bankruptcy court in the US. If given the go-ahead, the assets will be put under the gavel, allowing other bidders to top Avaya’s offer. The hearings are expected to be held within the next couple of weeks. Click here for more information.

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