Nortel Networks Corp. (NRTLQ.OB) said Friday that it, its principal operating subsidiary Nortel Networks Limited, and certain of its other subsidiaries including Nortel Networks Inc., have completed the sale of substantially all of Nortel's CDMA Business and LTE Access assets to Telefonaktiebolaget LM Ericsson for a purchase price of US$1.13 billion.
The sale was subject to court approvals in the U.S. and Canada as well as regulatory and other customary closing conditions. Those conditions have now been satisfied and the sale was concluded effective Friday.
Under the terms of the sale, Nortel will provide transitional services to Ericsson, and Ericsson will provide products and services to Nortel in support of those CDMA customers remaining with Nortel.
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