Tom Sweeney

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Nortel wraps up $10M sale of assets to Hitachi, names U.S. bankruptcy monitor

Posted by sweens on December 22, 2009


Published on December 8th, 2009
Krystle Chow
Ottawa Business Journal

Nortel Networks Corp. has completed the US$10-million sale of its next-generation packet core network components business to Hitachi Ltd.

Toronto-based Nortel, which is in the process of selling off most of its assets as part of its insolvency proceedings, said it’s received all approvals and satisfied closing conditions for the sale of the assets to the Japanese firm.

The next-generation packet core assets are part of its carrier networks business, and include technology such as its next-generation serving GPRS support node and other solutions related to the advance telecomputing architecture, or ATCA.

The product line supports the transfer of data over existing wireless networks and the next generation of wireless communications technology.

Nortel said the sale, which was first announced in October, includes relevant non-patent intellectual property, equipment and other related tangible assets, as well as a non-exclusive licence of certain relevant patents and other intellectual property.

The assets do not include legacy packet core components for Nortel’s GSM and UMTS businesses.

Nortel also announced it has identified John Ray as its principal officer of the U.S. debtors, who will work with Nortel management, Canadian bankruptcy monitor Ernst & Young, the joint administrators in the U.K. administration proceedings and various retained advisors to provide oversight for the U.S. side of the bankruptcy proceedings.

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