Nortel (NT,NT.TO) said on Thursday that it has entered into a Stalking Horse asset purchase agreement to sell certain portions of its Application Delivery portfolio to Radware (RDWR). Under the agreement, the products that are planned to be acquired by Radware include the Nortel Application Accelerators, or NAA, 510 and 610; Nortel Application Switches, or NAS, 3408E, 2424E, 2424 SSL E, 2216E, 2208E; and the Virtual Services Switch, or VSS, 5000.
Under the terms of the purchase agreement, while Radware would assume ownership, product development and outstanding warrantees, the products would still be available and promoted by Nortel in an OEM relationship with Radware.
As part of the intended acquisition, Radware would take on Nortel's application delivery products, offering them under a merged brand, Radware Alteon. The assets to be acquired by Radware include Nortel's Layer 4-7 application delivery products, intellectual property, certain tangible assets and inventory and certain service contracts. Radware also intends to take on certain employees who will be integrated into the Radware team with a specific focus on products under the Radware Alteon brand.
Nortel has filed the asset purchase agreement with the United States Bankruptcy Court for the District of Delaware along with a motion seeking the establishment of bidding procedures for an auction that allows other qualified bidders to submit higher or otherwise better offers, as required under Section 363 of the U.S. Bankruptcy Code. A similar motion for the approval of the bidding procedures has been scheduled with the Ontario Superior Court of Justice.
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