Nokia Siemens Networks Agrees to Acquire Certain Nortel Assets
Nokia Siemens Networks announcements its intent to buy some CDMA and Long Term Evolution technology assets from ailing Nortel Networks. Nokia Siemens Networks plans to spend about $650 million to acquire the CDMA and LTE radio technologies. By purchasing the Nortel's CDMA properties, in particular, it will give Nokia Siemens Networks a major presence in the North American markets. U.S.-based CDMA network operators Verizon Wireless and Sprint Nextel, as well as Canada's Telus all praised the move. Because Nortel is currently in bankruptcy, the asset sale will need to be approved by both Canadian and U.S. regulatory bodies.