Ericsson to acquire Nortel's Multi-Service Switch business

The purchase is structured as an asset purchase at a cash purchase price of USD 65 million on a cash and debt free basis, subject to adjustments. This announcement follows the completion of the auction process initiated by Nortel, and the transaction is subject to court approval and customary regulatory approvals. "Today's announcement is further evidence of our commitment to our CDMA portfolio as we continue to strengthen our in-house R&D and services muscle to deliver on the innovation, collaboration and support that our customers have come to expect from us." said Rima Qureshi, senior vice president and head of business unit CDMA Mobile Systems. Consummation of the transaction is subject to approval by the relevant Bankruptcy Courts and the satisfaction of regulatory and other conditions.