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Electronics Production | July 22, 2009

Nortel: NSN gets competition

MPAM Wireless, affiliate of MatlinPatterson, submitted a proposal to acquire substantially all of Nortel's CDMA and LTE Access assets for US$725 million.

"MatlinPatterson believes that its alternative proposal is higher and better than the "stalking horse" bid from Nokia Siemens Networks and provides, on multiple fronts, a superior outcome for Nortel and all of its stakeholders", a statement says. The network joint venture of Finnish mobile phone maker Nokia and Siemens had offered $650 million last month. NSN is however still able to place a higher bid during an auction - scheduled for Friday this week.
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